AUDCAD Down 0 Pips On Hourly Chart, Moves Down For the 2nd Straight Day; Eyes 20 and 50 Day Averages

Hourly Update

(Last Updated July 19, 2021 3:11 GMT)

At the time of this writing, AUDCAD’s rate is down 0 pips (0%) from the hour prior. AUDCAD has seen its price go down 8 out of the past 10 hours, thus creating some compelling opportunities for bears. Regarding the trend, note that the strongest trend exists on the 20 hour timeframe. Price action traders may also wish to note that we see a pin bar candlestick pattern on AUDCAD. Given that we see downtrend on the 20 and 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 is down 23 pips (0.25%) since yesterday (opening today near 0.93264), marking the 2nd straight day a decrease has occurred. Out of the 39 instruments in the Forex asset class, AUDCAD ended up ranking 33rd for the day in terms of price change. Let’s take a look at price chart of AUDCAD.

AUDCAD

AUDCAD Technical Analysis

Coming into today AUDCAD is now close to its 20, 50 and 100 day moving averages, which may act as price barrier for the asset. 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 up 6 out of the past 10 days.