AUDCAD Down 0 Pips On Hourly Chart, Makes Big Move Relative to Past Month; Came Into Today Up For the 4th Day In A Row

Hourly Update

(Last Updated February 24, 2021 0:14 GMT)

At the time of this writing, AUDCAD’s rate is down 0 pips (0%) 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. Regarding the trend, note that the strongest trend exists on the 50 hour timeframe. Price action traders may also wish to note that we see some doji and pin bar candlestick patterns on AUDCAD. Given that we see downtrend on the 20 hourly candle timeframe, and that such candlestick patterns often denote reversals, this may be worth noting. Regarding moving averages, it should first be noted that price has crossed the 50 hour moving average, resulting in them with price now being below it. 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 58 pips (0.59%) since the day prior (opening today near 0.99851), marking the 4th day in a row an increase has occurred. Out of the 39 instruments in the Forex asset class, AUDCAD ended up ranking 5th for the day in terms of price change. The price chart of AUDCAD below illustrates.

AUDCAD

AUDCAD Technical Analysis

Notably, AUDCAD is now close to its 20 and 50 day moving averages, which may act as price barrier for the asset. 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. For additional context, note that price has gone up 7 out of the past 10 days.