AUDCAD Down 3 Pips On Hourly Chart, 4 Day Up Streak Broken; in an Uptrend Over Past 90 Days

Hourly Update

(Last Updated February 25, 2021 0:14 GMT)

Currently, AUDCAD’s rate is down -3 pips (-0.03%) from the hour prior. This is a reversal of the price action on the previous hour, in which price moved up. Regarding the trend, note that the strongest trend exists on the 50 hour timeframe. 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)

A moment of silence, please, for the end of AUDCAD’s 4 day up streak; price ended yesterday down 26 pips (-0.26%) to finish the day at a rate of 0.99588. Out of the 39 instruments in the Forex asset class, AUDCAD ended up ranking 31st for the day in terms of price change. Let’s take a look at price chart of AUDCAD.

AUDCAD

AUDCAD Technical Analysis

The first thing we should note is that the current price of AUDCAD 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. The clearest trend exists on the 14 day timeframe, which shows price moving up over that time. For additional context, note that price has gone up 6 out of the past 10 days.