AUD/CAD Down 4 Pips On 4 Hour Chart, Moves Up For the 3rd Day In A Row; Price Base in Formation Over Past 14 Days

AUD/CAD 4 Hour Price Update

Updated June 24, 2020 01:10 PM GMT (09:10 AM EST)

AUD/CAD is down 4 pips (0.04%) since the previous 4 hours (opening the current 4 hour candle near 0.9379), marking the 2nd candle in a row a decrease has occurred. Out of the 37 instruments in the Forex asset class, AUD/CAD ended up ranking 22nd for the four-hour candle in terms of price change.

AUD/CAD End of Day Recap

Updated 00:30 GMT (04:30 EST)

AUD/CAD is up 7 pips (0.07%) since yesterday (opening today near 0.93955), marking the 3rd day in a row it has gone up. Out of the 40 instruments in the Forex asset class, AUD/CAD ended up ranking 12th for the day in terms of price change. Let’s take a look at price chart of AUD/CAD.

AUD/CAD Technical Analysis

The first thing we should note is that AUD/CAD is now close to its 20 and 50 day averages, located at 0.9347 and 0.9201 respectively, and thus may be at a key juncture along those timeframes. 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 20 day average, which is 48 pips away. Volatility for AUD/CAD 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 90 day timeframe, which shows price moving up over that time. Also of note is that on a 14 day basis price appears to be forming a base — which could the stage for it being a support/resistance level going forward. For additional context, note that price has gone up 6 out of the past 10 days. Also, candlestick traders! Note we see pin bar pattern appearing here as well.

The View From Around the Web

We’re seeing some traders come out with interesting conviction on AUDCAD, with 7 buy signals on our radar and 16 sell signals. This imputes a buy/sell ratio of 0.44, which is bearish. As for the rationale, technical traders seem to be citing the appearance of channel, double top, flag, gartley and triangle technical patterns. Here’s a piece we found on tradingview.com; below is a short snippet from it to give you a taste.

we have 2 strong support and resistance and price reject from top of channel…in my opinion we gonna look for short setups..