AUDCAD Down 4 Pips On Hourly Chart, Came Into Today Up For the 7th Consecutive Day; Price Base in Formation Over Past 14 Days

Hourly Update

(Last Updated September 16, 2020 23:13 GMT)

At the time of this writing, AUDCAD’s rate is down -4 pips (-0.04%) from the hour prior. It’s been a feast for bears operating on an hourly timeframe, as AUDCAD has now gone down 4 of the past 5 hours. As for the trend on the hourly timeframe, we see the clearest trend on the 100 hour timeframe. Of note is that the 20 hour changed directions on AUDCAD; it is now pointing down. The moving averages on the hourly timeframe suggest a bearishness in price, as the 20, 50, 100 and 200 are all in a bearish alignment — meaning the shorter duration moving averages are below the longer duration averages, implying a stable downward trend.

AUDCAD End of Day Recap

Updated 00:30 GMT (04:30 EST)

AUDCAD is up 25 pips (0.26%) since yesterday (opening today near 0.9625), marking the 7th consecutive day an increase has occurred. Out of the 40 instruments in the Forex asset class, AUDCAD ended up ranking 8th for the day in terms of price change. The price chart of AUDCAD below illustrates.

AUDCAD

AUDCAD Technical Analysis

Coming into today AUDCAD is now close to its 20 and 50 day averages, located at 0.9546 and 0.9533 respectively, and thus may be at a key juncture along those timeframes. Trend traders will want to observe that the strongest trend appears on the 90 day horizon; over that time period, price has been moving up. Also of note is that on a 14 day basis price appears to be forming a base — which could the stage for it being a support/resistance level going forward. Or to simplify this another way, note that out of the past 30 days AUDCAD’s price has gone up 18 them.

The View From Around the Web

We’re seeing some traders come out with interesting conviction on AUDCAD, with 14 buy signals on our radar and 15 sell signals. This imputes a buy/sell ratio of 0.93, which is neutral. As for the rationale, technical traders seem to be citing the appearance of a channel technical pattern. Here’s a piece we found on tradingview.com; below is a short snippet from it to give you a taste.

I will continue to monitor price at these key levels, and ensure price action follows through….Watch the chart and ensure using price action, or your strategy as well….This is just a set you in my own trading plan, please ensure you observe price action, and watch the price itself for your own strategy too :).


Forex Frank is a forex analyst and market commentator with nearly two decades of experience in currency trading. Follow him on social media: Facebook | Twitter | Instagram