AUD/CAD Up 9 Pips On 4 Hour Chart, Makes Big Move Relative to Two Week Trend; in an Uptrend Over Past 30 Days

AUD/CAD 4 Hour Price Update

Updated June 23, 2020 01:10 PM GMT (09:10 AM EST)

AUD/CAD is up 9 pips (0.1%) since the previous 4 hours (opening the current 4 hour candle near 0.9381), marking the 2nd candle in a row it has gone up. Relative to other instruments in the Forex asset class, AUD/CAD ranked 10th the previous 4 hours in terms of percentage price change.

AUD/CAD End of Day Recap

Updated 00:30 GMT (04:30 EST)

AUD/CAD is up 17 pips (0.19%) since yesterday (opening today near 0.93573), marking the 2nd day in a row it has gone up. Compared to its peers in the Forex, AUD/CAD gave its buyers a return that ranked 11th in terms of percentage change since yesterday. Let’s take a look at price chart of AUD/CAD.

AUD/CAD Technical Analysis

Notably, the current price of AUD/CAD is sitting close to its 20 and 50 day moving averages; moving average crosses often indicate a change in momentum, so this may be worth keeping an eye on. 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 19.9 pips away. Volatility for AUD/CAD has been contracting over the past two weeks relative to volatility over the past month. Whether volatility reverts will be something to watch. 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 14 days. Oh, and one last thing: if you trade off of candlesticks, note that we’re seeing pin bar pattern appearing here.

The View From Around the Web

We’re seeing some traders come out with interesting conviction on AUDCAD, with 16 buy signals on our radar and 10 sell signals. This imputes a buy/sell ratio of 1.6, which is bullish. As for the rationale, technical traders seem to be citing the appearance of channel, flag and triangle technical patterns. Here’s a piece we found on tradingview.com that we thought you might enjoy.