AUDCAD Down 2 Pips Over Past Hour, 2 Day Up Streak Broken; Bearish Engulfing Pattern Present

Hourly Update

(Last Updated April 22, 2021 2:13 GMT)

Currently, AUDCAD’s rate is down -2 pips (-0.02%) 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 pin bar candlestick pattern on AUDCAD. Given that we see an uptrend on the 10 hourly candle timeframe, and that such candlestick patterns often denote reversals, this may be worth noting. With that said, traders should also note the downtrend on the 10 hourly candle timeframe, so the meaning of the candles may require further exploration. 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)

The back and forth price flow continues for AUDCAD, which started today off at 0.96959, down 47 pips 0.48% from the previous day. Relative to other instruments in the Forex asset class, AUDCAD ranked 33rd the previous day in terms of percentage price change. Here is a price chart of AUDCAD.

AUDCAD

AUDCAD Technical Analysis

First things first: AUDCAD crossed below its 50 and 100 day moving averages yesterday. As for the alignment of the moving averages, well, it’s a bit mixed up; the 20, 50, 100, and 200 do not progress from largest to smallest, or vice versa. The closest is the 50 day average, which is 22 pips away. Trend traders will want to observe that the strongest trend appears on the 14 day horizon; over that time period, price has been moving up. Interestingly, a trend in the other direction exists on the 90 day timeframe, where price is headed down. 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. For additional context, note that price has gone up 10 out of the past 14 days. We’re also seeing a bearish engulfing pattern form over the past two candles, which suggests the uptrend on the 14 and 90 day