AUD/CAD Down 7 Pips Over Past Hour; Nears 20 and 50 Day Moving Averages

Hourly Update

(Last Updated August 4, 2022 1:36 GMT)

Currently, AUDCAD’s rate is down -7 pips (-0.08%) from the hour prior. This is a reversal of the price action on the previous hour, in which price moved up. If you’re a trend trader, consider that the strongest clear trend on the hourly chart exists on the 20 hour timeframe. Price action traders may also wish to note that we see a doji candlestick pattern on AUDCAD. Given that we see an uptrend on the 20 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)

The choppiness in the recent daily price action of AUDCAD continues; to start today, it came in at a price of 0.8923, up 14 pips (0.16%) since yesterday. Relative to other instruments in the Forex asset class, AUDCAD ranked 18th yesterday in terms of percentage price change. The price chart of AUDCAD below illustrates.

AUDCAD

AUDCAD Technical Analysis

Notably, AUDCAD is now close to its 20, 50, 100 and 200 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. Interestingly, a trend in the other direction exists on the 14 day timeframe, where price is headed up. Or to simplify this another way, note that out of the past 10 days AUDCAD’s price has gone up 5 them.