AUDCAD Up 3 Pips On Hourly Chart, Came Into Today Up For the 3rd Consecutive Day; in an Uptrend Over Past 90 Days

Hourly Update

(Last Updated February 22, 2021 23:13 GMT)

At the moment, AUDCAD’s rate is up 3 pips (0.03%) from the hour prior. This is the 2nd hour in a row AUDCAD has seen its price head up. If you’re a trend trader, consider that the strongest clear trend on the hourly chart exists on the 20 hour timeframe. Price action traders may also wish to note that we see a doji candlestick pattern on AUDCAD. Given that we see an uptrend on the 20 and 10 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 bearishness in price, as the 20, 50, 100 and 200 are all in a bearish alignment — meaning the shorter duration moving averages are below the longer duration averages, implying a stable downward trend.

AUDCAD End of Day Recap

Updated 00:30 GMT (04:30 EST)

AUDCAD is up 76 pips (0.78%) since the previous day (opening today near 0.99268), marking the 3rd consecutive day an increase has occurred. Relative to other instruments in the Forex asset class, AUDCAD ranked 7th the previous day in terms of percentage price change. Here is a price chart of AUDCAD.

AUDCAD

AUDCAD Technical Analysis

The first thing we should note is that the current price of AUDCAD is sitting close to its 20 and 50 day moving averages; moving average crosses often indicate a change in momentum, so this may be worth keeping an eye on. Trend traders will want to observe that the strongest trend appears on the 90 day horizon; over that time period, price has been moving up. Or to simplify this another way, note that out of the past 10 days AUDCAD’s price has gone up 7 them.