AUDCAD Up 6 Pips On Hourly Chart, 2 Day Up Streak Broken; Crosses 50 Day Moving Average

Hourly Update

(Last Updated July 16, 2021 18:12 GMT)

Currently, AUDCAD’s rate is up 6 pips (0.06%) from the hour prior. This move is a reversal from the hour prior, which saw price move down. Regarding the trend, note that the strongest trend exists on the 20 hour timeframe. 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 back and forth price flow continues for AUDCAD, which started today off at 0.93496, down 14 pips 0.15% from the day prior. Out of the 39 instruments in the Forex asset class, AUDCAD ended up ranking 21st for the day in terms of price change. Let’s take a look at price chart of AUDCAD.

AUDCAD

AUDCAD Technical Analysis

Moving average crossovers are always interesting, so let’s start there: AUDCAD crossed below its 50 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 down. Or to simplify this another way, note that out of the past 30 days AUDCAD’s price has gone down 18 them. Oh, and one last thing: if you trade off of candlesticks, note that we’re seeing doji and pin bar patterns appearing here.

The View From Around the Web

Not much in terms quality buy/sell signals we’re seeing for AUDCAD; just 1 sell signals and 1 buy signals. This imputes a buy/sell ratio of 1, which is neutral. Here’s a piece we found on tradingview.com; below is a short snippet from it to give you a taste.

buy idea 0.93 level seems to be holding well and it gives impulsive moves from there. price could move up to 0.96 area to create right shoulder.