AUDCAD Up 1 Pips On Hourly Chart, 2 Day Down Streak Snapped; is Inching Close to 20 Day Average

Hourly Update

(Last Updated July 23, 2021 2:12 GMT)

Currently, AUDCAD’s rate is up 1 pips (0.01%) from the hour prior. The hourly chart shows that AUDCAD has seen 3 straight up hours. Regarding the trend, note that the strongest trend exists on the 100 hour timeframe. Price action traders may also wish to note that we see a pin bar 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. The moving averages on the hourly timeframe suggest a choppiness in price, as the 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 choppiness in the recent daily price action of AUDCAD continues; to start today, it came in at a price of 0.92738, up 31 pips (0.34%) since the previous day. Out of the 39 instruments in the Forex asset class, AUDCAD ended up ranking 8th for the day in terms of price change. Let’s take a look at price chart of AUDCAD.

AUDCAD

AUDCAD Technical Analysis

Notably, AUDCAD is now close to its 20, 50 and 100 day averages, located at 0.9316, 0.9337 and 0.9472 respectively, and thus may be at a key juncture along those timeframes. The clearest trend exists on the 90 day timeframe, which shows price moving down over that time. For additional context, note that price has gone down 19 out of the past 30 days.

The View From Around the Web

Not much in terms quality buy/sell signals we’re seeing for AUDCAD; just 2 sell signals and 1 buy signals. This imputes a buy/sell ratio of 0.5, which is bearish. Here’s a piece we found on tradingview.com; below is a short snippet from it to give you a taste.

I try To keep Every thing Self Explanatory in The Chart