AUD/CAD Down 45 Pips in Last 4 Hours, Moves Up For the 2nd Day In A Row; Pin Bar Pattern Appearing on Chart

AUD/CAD 4 Hour Price Update

Updated March 31, 2020 01:10 PM GMT (09:10 AM EST)

AUD/CAD is down 45 pips (0.51%) since the last 4 hour candle (opening the current 4 hour candle near 0.8694), marking the 2nd candle in a row it has gone down. Relative to other instruments in the Forex asset class, AUD/CAD ranked 34th 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 2 pips (0.02%) since the previous day (opening today near 0.8739), marking the 2nd day in a row it has gone up. Out of the 40 instruments in the Forex asset class, AUD/CAD ended up ranking 23rd for the day in terms of price change. The price chart of AUD/CAD below illustrates.

AUD/CAD Technical Analysis

Coming into today AUD/CAD is now close to its 20, 50, 100 and 200 day moving averages, which may act as price barrier for the asset. The clearest trend exists on the 90 day timeframe, which shows price moving down over that time. For additional context, note that price has gone down 15 out of the past 30 days. Also, candlestick traders! Note we see pin bar pattern appearing here as well.

The View From Around the Web

Of note is that traders in aggregate have opinions on AUDCAD, with 7 buy signals on our radar and 14 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 channel technical pattern. Here’s a piece we found on tradingview.com; below is a short snippet from it to give you a taste.

Can re-enter at breakout of falling wedge