AUD/CAD Down 4 Pips On 4 Hour Chart, Moves Down For the 2nd Day In A Row; in an Uptrend Over Past 90 Days

AUD/CAD 4 Hour Price Update

Updated July 23, 2020 09:23 AM GMT (05:23 AM EST)

AUD/CAD is down 4 pips (0.04%) since the previous 4 hours (opening the current 4 hour candle near 0.9573), marking the 3rd candle in a row a decline has happened. Out of the 37 instruments in the Forex asset class, AUD/CAD ended up ranking 20th 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 down 1 pips (0.01%) since yesterday (opening today near 0.95774), marking the 2nd day in a row it has gone down. Compared to its peers in the Forex, AUD/CAD gave its buyers a return that ranked 29th in terms of percentage change since yesterday. Below is a 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 moving averages, which may act as price barrier for the asset. The clearest trend exists on the 14 day timeframe, which shows price moving up over that time. For additional context, note that price has gone up 15 out of the past 30 days. Oh, and one last thing: if you trade off of candlesticks, note that we’re seeing pin bar pattern appearing here.

The View From Around the Web

Of note is that traders in aggregate have opinions on AUDCAD, with 4 buy signals on our radar and 18 sell signals. This imputes a buy/sell ratio of 0.22, which is bearish. As for the rationale, technical traders seem to be citing the appearance of channel, divergence, fibonacci, relative strength index and supply zone technical patterns. Here’s a piece we found on tradingview.com; below is a short snippet from it to give you a taste.

HIGHER TIMEFRAME BIAS 4H. LARGE REJECTION BEAR PIN BAR ON THE DAILY.1H I am awaiting confirmation as a rejection of the fib level.High reward low risk trade.What do you think?Leave suggestions below!X