AUD/CAD Down 10 Pips; Nears 20 Day Moving Average

AUD/CAD Price Recap

AUD/CAD is down 10 pips (0.12%) since yesterday (with its current price near 0.8885), marking the 3rd day in a row it has gone down. This move happened on fewer tick price changes which may be a proxy for volume, as yesterday’s total tick count was down 26.42% from the day before — and down 47.76% from the same day the week before. Out of the 40 instruments in the Forex asset class, AUD/CAD ended up ranking 28th for the day in terms of day-over-day price change. Let’s take a look at price chart of AUD/CAD.

AUD/CAD Technical Analysis

Coming into today the current price of AUD/CAD is sitting close to its 20, 50, 100 and 200 day moving averages; moving average crosses often indicate a change in momentum, so this may be worth keeping an eye on. Something else of critical noteworthiness is that AUD/CAD may have broken its trend on the 30 day basis, as the trend’s momentum appears to be slowing down. Volatility for AUD/CAD has exploded over the past two weeks relative to the past 30 days, which technical traders will want to note. Trend traders will want to observe that the strongest trend appears on the 90 day horizon; over that time period, price has been moving down. Or to simplify this another way, note that out of the past 10 days AUD/CAD’s price has gone up 5 them.

The View From Around the Web

We’re seeing some traders come out with interesting conviction on AUDCAD, with 5 buy signals on our radar and 4 sell signals. This imputes a buy/sell ratio of 1.25, which is bullish. As for the rationale, technical traders seem to be citing the appearance of a trendline technical pattern. Here’s a piece we found on tradingview.com; below is a short snippet from it to give you a taste.

Possible buy as the price is respecting the trendline and will move to retest the top trendline