AUD/CAD Down 8 Pips in Last 4 Hours, Entered Today Up For the 2nd Day In A Row; Nears 20 Day Moving Average

AUD/CAD 4 Hour Price Update

Updated June 26, 2020 01:12 PM GMT (09:12 AM EST)

AUD/CAD entered the current 4 hour candle at 0.9386, down 8 pips (0.09%) from the last 4 hour candle. Compared to its peers in the Forex, AUD/CAD gave its buyers a return that ranked 24th in terms of percentage change since the last 4 hour candle.

AUD/CAD End of Day Recap

Updated 00:30 GMT (04:30 EST)

AUD/CAD is up 3 pips (0.03%) since the previous day (opening today near 0.93945), marking the 2nd day in a row an upward move has occurred. Relative to other instruments in the Forex asset class, AUD/CAD ranked 19th the previous day in terms of percentage price change. Below is a price chart of AUD/CAD.

AUD/CAD Technical Analysis

Coming into today AUD/CAD is now close to its 20 and 50 day moving averages, which may act as price barrier for the asset. 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. Or to simplify this another way, note that out of the past 14 days AUD/CAD’s price has gone up 7 them. 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

Of note is that traders in aggregate have opinions on AUDCAD, with 12 buy signals on our radar and 18 sell signals. This imputes a buy/sell ratio of 0.67, which is bearish. As for the rationale, technical traders seem to be citing the appearance of a channel technical pattern. Here’s a piece we found on tradingview.com; below is a short snippet from it to give you a taste.

AUDCAD: Rising ChannelWait for channel break outTP1 @ 0.9343TP2 @ 0.9313Please don’t forget to FOLLOW , LIKE and COMMENT …If you like my analysis:)Thank you and Good Luck!