AUDCAD Down 9 Pips in Last Hour, 2 Day Up Streak Broken; Nears 20 and 200 Day Moving Averages

Hourly Update

(Last Updated April 28, 2021 2:13 GMT)

At the moment, AUDCAD’s rate is down -9 pips (-0.09%) from the hour prior. This is a reversal of the price action on the previous hour, in which price moved up. If you’re a trend trader, consider that the strongest clear trend on the hourly chart exists on the 50 hour timeframe. 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)

The choppiness in the recent daily price action of AUDCAD continues; to start today, it came in at a price of 0.96372, down 29 pips (0.3%) since yesterday. Out of the 39 instruments in the Forex asset class, AUDCAD ended up ranking 33rd for the day in terms of price change. Below is a price chart of AUDCAD.

AUDCAD

AUDCAD Technical Analysis

Notably, AUDCAD is now close to its 20, 50, 100 and 200 day averages, located at 0.9632, 0.9703, 0.9734 and 0.9621 respectively, and thus may be at a key juncture along those timeframes. 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 20 day average, which is 5.3 pips away. 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 30 days AUDCAD’s price has gone up 19 them.

The View From Around the Web

We’re seeing some traders come out with interesting conviction on AUDCAD, with 7 buy signals on our radar and 5 sell signals. This imputes a buy/sell ratio of 1.4, which is bullish. Here’s a piece we found on tradingview.com that we thought you might enjoy.