AUD/CAD 4 Hour Price Update
Updated July 02, 2020 01:18 AM GMT (09:18 PM EST)
A moment of silence, please, for the end of AUD/CAD’s 4 four-hour candle up streak; price ended the last 4 hour candle down 1 pips (-0.01%) to finish the four-hour candle at a rate of 0.9395. Relative to other instruments in the Forex asset class, AUD/CAD ranked 16th the last 4 hour candle in terms of percentage price change.
AUD/CAD End of Day Recap
Updated 00:30 GMT (04:30 EST)
AUD/CAD is up 6 pips (0.06%) since yesterday (opening today near 0.93986), marking the 3rd day in a row an increase has occurred. Relative to other instruments in the Forex asset class, AUD/CAD ranked 9th yesterday in terms of percentage price change. Let’s take a look at price chart of AUD/CAD.
AUD/CAD Technical Analysis
The first thing we should note is that 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. The clearest trend exists on the 14 day timeframe, which shows price moving up over that time. Or to simplify this another way, note that out of the past 14 days AUD/CAD’s price has gone up 8 them. And for candlestick traders, a special treat: there is a pin bar pattern showing up on the charts as well. Rejoice!
The View From Around the Web
Of note is that traders in aggregate have opinions on AUDCAD, with 4 buy signals on our radar and 8 sell signals. This imputes a buy/sell ratio of 0.5, which is bearish. As for the rationale, technical traders seem to be citing the appearance of a triangle technical pattern. Here’s a piece we found on tradingview.com; below is a short snippet from it to give you a taste.
https://www.tradingview.com/x/tvwAuDms/https://www.tradingview.com/x/ucVz8jus/The pair has broken out of the long term bearish resistance, got above an important mirror level, and is now storming another horizontal structure with the bullish triangle!…Trading plan:Wait for the CONFIRMED breakout of the triangle wither way, and then enter the trade after the pullback….The pair either goes hither, or returns to the previous diagonal support line, which is rather close to the horizontal support.