AUD/CAD Down 11 Pips On Hourly Chart; 2 Day Down Streak Broken

Hourly Update

(Last Updated September 8, 2022 1:34 GMT)

At the moment, AUDCAD’s rate is down -11 pips (-0.13%) from the hour prior. The hourly chart shows that AUDCAD has seen 2 straight down hours. If you’re a trend trader, consider that the strongest clear trend on the hourly chart exists on the 50 hour timeframe. Price action traders may also wish to note that we see a doji candlestick pattern on AUDCAD. Given that we see an uptrend on the 20 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 0.8878, up 22 pips (0.25%) since the day prior. Compared to its peers in the Forex, AUDCAD gave its buyers a return that ranked 20th in terms of percentage change since the day prior. Here is a price chart of AUDCAD.

AUDCAD

AUDCAD Technical Analysis

Notably, AUDCAD is now close to its 20, 50, 100 and 200 day moving averages, which may act as price barrier for the asset. As for the alignment of the moving averages, well, it’s a bit mixed up; the 20, 50, 100, and 200 do not progress from largest to smallest, or vice versa. The closest is the 50 day average, which is 48.1 pips away. It should be noted, though, the 50 day simple moving average turned upwards, which may be a bullish sign. For additional context, note that price has gone down 18 out of the past 30 days.