AUDCAD Down 14 Pips On Hourly Chart, Price Base in Formation Over Past 30 Days; Nears 20 Day Moving Average

Hourly Update

(Last Updated September 11, 2020 16:12 GMT)

At the moment, AUDCAD’s rate is down -14 pips (-0.15%) from the hour prior. It’s been a feast for bears operating on an hourly timeframe, as AUDCAD has now gone down 4 of the past 5 hours. Regarding the trend, note that the strongest trend exists on the 50 hour timeframe. 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)

AUDCAD is up 23 pips (0.25%) since yesterday (opening today near 0.957), marking the 3rd day in a row it has gone up. Compared to its peers in the Forex, AUDCAD gave its buyers a return that ranked 14th in terms of percentage change since yesterday. The price chart of AUDCAD below illustrates.

AUDCAD

AUDCAD Technical Analysis

Notably, AUDCAD is now close to its 20, 50 and 100 day moving averages, which may act as price barrier for the asset. The clearest trend exists on the 90 day timeframe, which shows price moving up over that time. 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. Or to simplify this another way, note that out of the past 10 days AUDCAD’s price has gone up 6 them.

The View From Around the Web

Of note is that traders in aggregate have opinions on AUDCAD, with 7 buy signals on our radar and 6 sell signals. This imputes a buy/sell ratio of 1.17, which is neutral. As for the rationale, technical traders seem to be citing the appearance of a flag technical pattern. Here’s a piece we found on tradingview.com; below is a short snippet from it to give you a taste.

Bearish FlagTP1 = 64 pips @ 0.9490TP2 =102 pips @ 0.9456Please don’t forget to FOLLOW , LIKE and COMMENT …If you like my analysis:)Thank you and Good Luck!


Forex Frank is a forex analyst and market commentator with nearly two decades of experience in currency trading. Follow him on social media: Facebook | Twitter | Instagram