AUDCAD Down 0 Pips in Last Hour, Moves Up For the 2nd Straight Day; Pin Bar Pattern Appearing on Chart

Hourly Update

(Last Updated April 5, 2021 2:13 GMT)

At the time of this writing, AUDCAD’s rate is down 0 pips (0%) from the hour prior. This move is a reversal from the hour prior, which saw price move up. As for the trend on the hourly timeframe, we see the clearest trend on the 20 hour timeframe. Price action traders may also wish to note that we see a pin bar candlestick pattern on AUDCAD. Given that we see an uptrend on the 20 hourly candle timeframe, and that such candlestick patterns often denote reversals, this may be worth noting. The moving averages on the hourly timeframe suggest a bullishness in price, as the 20, 50, 100 and 200 are all in a bullish alignment — meaning the shorter durations are above the longer duration averages, implying a sound upward trend.

AUDCAD End of Day Recap

Updated 00:30 GMT (04:30 EST)

AUDCAD is up 1 pips (0.01%) since the previous day (opening today near 0.95573), marking the 2nd straight day an increase has occurred. Compared to its peers in the Forex, AUDCAD gave its buyers a return that ranked 16th in terms of percentage change since the previous day. The price chart of AUDCAD below illustrates.

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 200 day average, which is 45.9 pips away. Volatility for AUDCAD has been contracting over the past two weeks relative to volatility over the past month. Whether volatility reverts will be something to watch. 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 AUDCAD’s price has gone down 16 them. Also, candlestick traders! Note we see pin bar pattern appearing here as well.