AUDCAD Up 7 Pips On Hourly Chart, Crosses 20 Day Moving Average; in a Downtrend Over Past 90 Days

Hourly Update

(Last Updated July 14, 2021 0:12 GMT)

Currently, AUDCAD’s rate is up 7 pips (0.07%) from the hour prior. AUDCAD has seen its price go down 4 out of the past 5 hours, thus creating some compelling opportunities for bears. If you’re a trader with a preference for rangebound markets, you may wish to note that there isn’t a clear trend on the 20, 50 and 100 hour timeframes. Price action traders may also wish to note that we see a doji candlestick pattern on AUDCAD. Given that we see downtrend on the 10 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)

AUDCAD entered today at 0.93158, down 14 pips (0.15%) from the previous day. Relative to other instruments in the Forex asset class, AUDCAD ranked 33rd the previous day in terms of percentage price change. Here is a price chart of AUDCAD.

AUDCAD

AUDCAD Technical Analysis

Moving average crossovers are always interesting, so let’s start there: AUDCAD crossed below its 20 day moving average yesterday. Trend traders will want to observe that the strongest trend appears on the 90 day horizon; over that time period, price has been moving down. For additional context, note that price has gone down 19 out of the past 30 days. And for candlestick traders, a special treat: there is a pin bar pattern showing up on the charts as well. Rejoice!