AUD/CAD Up 1 Pips On Hourly Chart, in a Downtrend Over Past 14 Days; Sentiment Suggests Sellers in Charge

Hourly Update

(Last Updated January 14, 2022 1:37 GMT)

At the time of this writing, AUDCAD’s rate is up 1 pips (0.01%) from the hour prior. The hourly chart shows that AUDCAD has seen 2 straight up hours. As for the trend on the hourly timeframe, we see the clearest trend on the 50 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 0.91058, down 4 pips 0.04% from the previous day. Relative to other instruments in the Forex asset class, AUDCAD ranked 16th the previous day in terms of percentage price change. Let’s take a look at price chart of AUDCAD.

AUDCAD

AUDCAD Technical Analysis

Notably, the current price of AUDCAD 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 50 day average, which is 48.9 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 down. For additional context, note that price has gone down 6 out of the past 10 days.

The View From Around the Web

Of note is that traders in aggregate have opinions on AUDCAD, with 1 buy signals on our radar and 5 sell signals. This imputes a buy/sell ratio of 0.2, which is quite bearish. Here’s a piece we found on tradingview.com; below is a short snippet from it to give you a taste.

Price has been steadily declining for the past few weeks so I will be expecting price to create another stop hunt before it continues bearish. This is the price movement that we needed to open the bearish floodgates. This could happen within a few hours, days, or even few weeks, it’s fairly close compared to its months of consolidation. Major entries will technically not be triggered until it creates its confirmation for rejection so will have sell stops in place somewhere around the yellow key level with SL at a structure once it forms but the blue key level is where I am estimating a rejection to be. Earlier entries will be taken as well as later confirmation entries although it can be a bit difficult to estimate the exact price (unless you’ve brought it down to a sciencešŸ˜‰).