AUDCAD Up 4 Pips On Hourly Chart, in an Uptrend Over Past 90 Days; Eyes 20 Day Average

Hourly Update

(Last Updated September 4, 2020 9:48 GMT)

At the time of this writing, AUDCAD’s rate is up 4 pips (0.04%) from the hour prior. This move is a reversal from the hour prior, which saw price move 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 entered today at 0.957, down 57 pips (0.59%) from yesterday. Compared to its peers in the Forex, AUDCAD gave its buyers a return that ranked 36th in terms of percentage change since yesterday. Let’s take a look at price chart of AUDCAD.

AUDCAD

AUDCAD Technical Analysis

The first thing we should note is that the current price of AUDCAD 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 90 day timeframe, which shows price moving up over that time. Also of note is that on a 30 day basis price appears to be forming a base — which could the stage for it being a support/resistance level going forward. Or to simplify this another way, note that out of the past 14 days AUDCAD’s price has gone up 9 them.

The View From Around the Web

Of note is that traders in aggregate have opinions on AUDCAD, with 11 buy signals on our radar and 8 sell signals. This imputes a buy/sell ratio of 1.38, which is bullish. As for the rationale, technical traders seem to be citing the appearance of a fibonacci technical pattern. Here’s a piece we found on tradingview.com; below is a short snippet from it to give you a taste.

Hi Guys!Greeting from CosMos FX,Long story short, previously the candles playing nicely in our channel. The price also rejected at our fibonacci level. We saw an opportunity to go for long!Thanks for reading!


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