AUDCAD Up 1 Pips Over Past Hour, Came Into Today Down For the 2nd Day In A Row; is Inching Close to 20 and 200 Day Averages

Hourly Update

(Last Updated April 23, 2021 2:13 GMT)

At the time of this writing, AUDCAD’s rate is up 1 pips (0.01%) from the hour prior. This is a reversal of the price action on the previous hour, in which price moved down. As for the trend on the hourly timeframe, we see the clearest trend on the 50 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 20, 50, 100 and 200 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 is down 64 pips (0.66%) since the previous day (opening today near 0.96321), marking the 2nd day in a row it has gone down. Out of the 39 instruments in the Forex asset class, AUDCAD ended up ranking 30th for the day in terms of price change. The price chart of AUDCAD below illustrates.

AUDCAD

AUDCAD Technical Analysis

Coming into today AUDCAD is now close to its 20, 50, 100 and 200 day averages, located at 0.9623, 0.9714, 0.9731 and 0.9619 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 9 pips away. Trend traders will want to observe that the strongest trend appears on the 90 day horizon; over that time period, price has been moving down. For additional context, note that price has gone up 6 out of the past 10 days.