AUDCAD Up 9 Pips On Hourly Chart, Makes Big Move Relative to Two Week Trend; in a Downtrend Over Past 30 Days

Hourly Update

(Last Updated March 26, 2021 1:13 GMT)

Currently, AUDCAD’s rate is up 9 pips (0.09%) from the hour prior. This is a reversal of the price action on the previous hour, in which price moved down. As for the trend on the hourly timeframe, we see the clearest trend on the 100 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. Most noteworthy in the world of moving averages on the hourly chart is that the 50 hour moving average has been crossed, so that price is now turning above it. The moving averages on the hourly timeframe suggest a bullishness in price, as the 20, 50, 100 and 200 are all in a bullish alignment — meaning the shorter durations are above the longer duration averages, implying a sound upward trend.

AUDCAD End of Day Recap

Updated 00:30 GMT (04:30 EST)

AUDCAD is down 35 pips (0.37%) since yesterday (opening today near 0.95461), marking the 2nd day in a row it has gone down. Relative to other instruments in the Forex asset class, AUDCAD ranked 33rd yesterday in terms of percentage price change. Below is a price chart of AUDCAD.

AUDCAD

AUDCAD Technical Analysis

Coming into today 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 200 day average, which is 49 pips away. The clearest trend exists on the 30 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 90 day timeframe. Or to simplify this another way, note that out of the past 10 days AUDCAD’s price has gone down 7 them.