AUDCAD Up 17 Pips in Last Hour, 3 Day Down Streak Ended; Crosses 20 Day Moving Average

Hourly Update

(Last Updated September 9, 2020 15:12 GMT)

At the time of this writing, AUDCAD’s rate is up 17 pips (0.18%) from the hour prior. The hourly chart shows that AUDCAD has seen 2 straight up hours. If you’re a trend trader, consider that the strongest clear trend on the hourly chart 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, which opened today priced near 0.9525, is up 17 pips 0.17% since yesterday, marking a reversal from the day prior — and the end of a 3 day negative run. Relative to other instruments in the Forex asset class, AUDCAD ranked 13th yesterday in terms of percentage price change. The price chart of AUDCAD below illustrates.

AUDCAD

AUDCAD Technical Analysis

First things first: AUDCAD crossed above its 20 day moving average yesterday. The clearest trend exists on the 90 day timeframe, which shows price moving up over that time. 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

We’re seeing some traders come out with interesting conviction on AUDCAD, with 11 buy signals on our radar and 15 sell signals. This imputes a buy/sell ratio of 0.73, which is bearish. As for the rationale, technical traders seem to be citing the appearance of a wedge technical pattern. Here’s a piece we found on tradingview.com; below is a short snippet from it to give you a taste.

audcad will move down after touching the 61.8 Fibonacci retracement level .


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