AUD/CAD Up 13 Pips On 4 Hour Chart, Entered Today Up For the 2nd Day In A Row; Pin Bar Pattern Appearing on Chart

AUD/CAD 4 Hour Price Update

Updated March 27, 2020 12:45 AM GMT (08:45 PM EST)

AUD/CAD is up 13 pips (0.15%) since the previous 4 hours (opening the current 4 hour candle near 0.8533), marking the 6th candle in a row an upward move has occurred. Out of the 40 instruments in the Forex asset class, AUD/CAD ended up ranking 7th 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 14 pips (0.17%) since yesterday (opening today near 0.8512), marking the 2nd day in a row an increase has occurred. Out of the 40 instruments in the Forex asset class, AUD/CAD ended up ranking 13th for the day in terms of price change. Here is a price chart of AUD/CAD.

AUD/CAD Technical Analysis

Coming into today AUD/CAD is now close to its 20 day averages, located at 0.8614 respectively, and thus may be at a key juncture along those timeframes. The clearest trend exists on the 90 day timeframe, which shows price moving down over that time. Or to simplify this another way, note that out of the past 10 days AUD/CAD’s price has gone down 6 them. And for candlestick traders, a special treat: there is a pin bar pattern showing up on the charts as well. Rejoice!

The View From Around the Web

We’re seeing some traders come out with interesting conviction on AUDCAD, with 3 buy signals on our radar and 4 sell signals. This imputes a buy/sell ratio of 0.75, which is bearish. As for the rationale, technical traders seem to be citing the appearance of a channel technical pattern. Here’s a piece we found on tradingview.com; below is a short snippet from it to give you a taste.

price is gradually forming a channel price is expected to have at least one more up before going down to form wave 3 cause that is the structure we are expecting.if that doesnt work if price is to break out below the channel look for a good entry signal before taking the trade….price may consolidate after breaking the channel