AUDCAD Up 10 Pips Over Past Hour, 2 Day Down Streak Snapped; Nears 20 and 200 Day Moving Averages

Hourly Update

(Last Updated April 26, 2021 3:13 GMT)

Currently, AUDCAD’s rate is up 10 pips (0.11%) from the hour prior. This move is a reversal from the hour prior, which saw price move down. Regarding the trend, note that the strongest trend exists on the 20 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. Regarding moving averages, it should first be noted that price has crossed the 200 hour moving average, resulting in them with price now being above it. The moving averages on the hourly timeframe suggest a choppiness in price, as the 20, 50, 100 and 200 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)

The back and forth price flow continues for AUDCAD, which started today off at 0.96613, up 29 pips 0.3% from the previous day. Out of the 39 instruments in the Forex asset class, AUDCAD ended up ranking 9th for the day in terms of price change. Here is a price chart of AUDCAD.

AUDCAD

AUDCAD Technical Analysis

The first thing we should note is that AUDCAD is now close to its 20, 50, 100 and 200 day averages, located at 0.9628, 0.971, 0.9732 and 0.962 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 33.7 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. For additional context, note that price has gone up 9 out of the past 14 days.