AUDCAD Down 1 Pips On Hourly Chart, Moves Down For the 3rd Straight Day; Crosses 20 Day Moving Average

Hourly Update

(Last Updated September 7, 2020 15:12 GMT)

Currently, AUDCAD’s rate is down -1 pips (-0.01%) from the hour prior. This is the 2nd straight hour AUDCAD has seen its price head down. As for the trend on the hourly timeframe, we see the clearest trend 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)

AUDCAD is down 36 pips (0.38%) since the day prior (opening today near 0.95085), marking the 3rd straight day a decrease has occurred. Relative to other instruments in the Forex asset class, AUDCAD ranked 34th the day prior in terms of percentage price change. Here is a price chart of AUDCAD.

AUDCAD

AUDCAD Technical Analysis

Notably, 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 up. For additional context, note that price has gone up 15 out of the past 30 days.

The View From Around the Web

Of note is that traders in aggregate have opinions on AUDCAD, with 5 buy signals on our radar and 15 sell signals. This imputes a buy/sell ratio of 0.33, 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.

A Bearish Deep Gartley pattern setup at X….While not many harmonic patterns traders trade this kind of setup, it’s kinda perfect for me becausei) I’ve tested it extensively on the pairs I’m tradingii) It provides an amazing Reward:Risk….Pending Order has been set up on this trading setup, let’s see how this trade roll out.


Forex Frank is a forex analyst and market commentator with nearly two decades of experience in currency trading. Follow him on social media: Facebook | Twitter | Instagram