AUD/CAD Down 11 Pips On Hourly Chart, 3 Day Up Streak Ended; Breaks Below 50 Day Average

Hourly Update

(Last Updated September 22, 2022 1:34 GMT)

At the time of this writing, AUDCAD’s rate is down -11 pips (-0.12%) 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. If you’re a trend trader, consider that the strongest clear trend on the hourly chart exists on the 100 hour timeframe. 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)

After 3 up days, AUDCAD snaps its streak, falling 11 pips (-0.12%) over the past day to close at an exchange rate of 0.893. Out of the 39 instruments in the Forex asset class, AUDCAD ended up ranking 17th for the day in terms of price change. Below is a price chart of AUDCAD.

AUDCAD

AUDCAD Technical Analysis

Notably, AUDCAD crossed below its 50 day moving average yesterday. The clearest trend exists on the 30 day timeframe, which shows price moving down over that time. For additional context, note that price has gone up 6 out of the past 10 days. Also, candlestick traders! Note we see pin bar pattern appearing here as well.