(Last Updated July 20, 2021 2:5 GMT)
At the time of this writing, AUDCAD’s rate is down -1 pips (-0.01%) from the hour prior. AUDCAD has seen its price go down 4 out of the past 5 hours, thus creating some compelling opportunities for bears. From a hourly perspective, the market looks fairly choppy; clear trends aren’t showing up on the 20, 50 and 100 hour timeframes. Price action traders may also wish to note that we see a pin bar candlestick pattern on AUDCAD. Given that we see downtrend on the 5 hourly candle timeframe, and that such candlestick patterns often denote reversals, this may be worth noting. The moving averages on the hourly timeframe suggest a choppiness in price, as the are all in a mixed alignment — meaning the trend across timeframes is inconsistent, indicating a potential opportunity for rangebound traders.
AUDCAD End of Day Recap
Updated 00:30 GMT (04:30 EST)
The choppiness in the recent daily price action of AUDCAD continues; to start today, it came in at a price of 0.93575, up 31 pips (0.33%) since the previous day. Relative to other instruments in the Forex asset class, AUDCAD ranked 12th the previous day in terms of percentage price change. The price chart of AUDCAD below illustrates.
AUDCAD Technical Analysis
Moving average crossovers are always interesting, so let’s start there: AUDCAD crossed above its 50 day moving average yesterday. The clearest trend exists on the 90 day timeframe, which shows price moving down over that time. It should be noted, though, that a trend in the opposite direction, going up, exists on the 14 day timeframe. For additional context, note that price has gone up 6 out of the past 10 days. And for candlestick traders, a special treat: there is a pin bar pattern showing up on the charts as well. Rejoice!