AUDCAD Up 0 Pips On Hourly Chart, Price Base in Formation Over Past 14 Days; Nears 20 Day Moving Average

Hourly Update

(Last Updated February 12, 2021 17:15 GMT)

At the moment, AUDCAD’s rate is up 0 pips (0.01%) from the hour prior. The hourly chart shows that AUDCAD has seen 3 straight up hours. If you’re a trend trader, consider that the strongest clear trend on the hourly chart exists on the 100 hour timeframe. The moving averages on the hourly timeframe suggest a bearishness in price, as the 20, 50, 100 and 200 are all in a bearish alignment — meaning the shorter duration moving averages are below the longer duration averages, implying a stable downward trend.

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 0.98447, up 39 pips (0.4%) since yesterday. Relative to other instruments in the Forex asset class, AUDCAD ranked 4th yesterday in terms of percentage price change. The price chart of AUDCAD below illustrates.

AUDCAD

AUDCAD Technical Analysis

The first thing we should note is that AUDCAD is now close to its 20, 50 and 100 day averages, located at 0.9802, 0.9748 and 0.9606 respectively, and thus may be at a key juncture along those timeframes. Trend traders will want to observe that the strongest trend appears on the 90 day horizon; over that time period, price has been moving up. Price action traders in particular will want to note that the 14 day period appears to show price forming a base; this could indicate that a support/resistance level is developing. Or to simplify this another way, note that out of the past 10 days AUDCAD’s price has gone up 6 them.