AUD/CAD Up 13 Pips Over Past Hour, Crosses 50 Day Moving Average; in an Uptrend Over Past 14 Days

Hourly Update

(Last Updated July 29, 2022 1:35 GMT)

At the moment, AUDCAD’s rate is up 13 pips (0.15%) from the hour prior. AUDCAD has seen its price go up 4 out of the past 5 hours, thus creating some compelling opportunities for bulls. 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 downtrend 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 choppiness in price, as the 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 entered today at 0.8951, down 16 pips (0.18%) from the day prior. Compared to its peers in the Forex, AUDCAD gave its buyers a return that ranked 18th in terms of percentage change since the day prior. Here is a price chart of AUDCAD.

AUDCAD

AUDCAD Technical Analysis

First things first: AUDCAD crossed below its 50 day moving average yesterday. The clearest trend exists on the 14 day timeframe, which shows price moving up over that time. Interestingly, a trend in the other direction exists on the 90 day timeframe, where price is headed down. For additional context, note that price has gone down 7 out of the past 14 days.

The View From Around the Web

Not much commentary on AUDCAD that we’re finding noteworthy here; as such, there’s not much we can say about sentiment. Here’s a piece we found on tradingview.com; below is a short snippet from it to give you a taste.

Wait for the price to retest and generate a signal to start buying