AUD/CAD Moves Up For the 3rd Day In A Row, is Inching Close to 20 Day Average; Pin Bar Pattern Appearing on Chart

AUD/CAD Price Recap

AUD/CAD is up 7 pips (0.07%) since yesterday (with its current price near 0.89265), marking the 3rd day in a row an increase has occurred. The price move occurred on volume — and we’re using the number of tick price changes as a proxy for volume — that was up 0.17% from the day prior, but down 21.65% from the same day the week before. Relative to other instruments in the Forex asset class, AUD/CAD ranked 17th yesterday in terms of percentage price change. The price chart of AUD/CAD below illustrates.

AUD/CAD Technical Analysis

Coming into today the current price of AUD/CAD is sitting close to its 20, 50, 100 and 200 day moving averages; moving average crosses often indicate a change in momentum, so this may be worth keeping an eye on. 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 20 day average, which is 6.7 pips away. The clearest trend exists on the 30 day timeframe, which shows price moving down over that time. Or to simplify this another way, note that out of the past 30 days AUD/CAD’s price has gone down 17 them. And for candlestick traders, a special treat: there is a pin bar pattern showing up on the charts as well. Rejoice!

The View From Around the Web

We’re seeing some traders come out with interesting conviction on AUDCAD, with 16 buy signals on our radar and 20 sell signals. This imputes a buy/sell ratio of 0.8, which is neutral. As for the rationale, technical traders seem to be citing the appearance of a channel technical pattern. Here’s a piece we found on; below is a short snippet from it to give you a taste.

Looking at the daily setup, the fundamentals and sentiment are a short over the next couple of days. Trend line down into a channel.