AUD/CAD Up 3 Pips Over Past Hour, Moves Up For the 2nd Straight Day; Crosses 50 Day Moving Average

Hourly Update

(Last Updated September 13, 2022 1:35 GMT)

Currently, AUDCAD’s rate is up 3 pips (0.03%) 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. Regarding the trend, note that the strongest trend exists on the 100 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, 10 and 5 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 is up 36 pips (0.4%) since yesterday (opening today near 0.8942), marking the 2nd straight day an upward move has occurred. Compared to its peers in the Forex, AUDCAD gave its buyers a return that ranked 13th in terms of percentage change since yesterday. The price chart of AUDCAD below illustrates.

AUDCAD

AUDCAD Technical Analysis

Notably, AUDCAD crossed above its 50 day moving average yesterday. 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 5.3 pips away. Trend traders will want to observe that the strongest trend appears on the 14 day horizon; over that time period, price has been moving down. Or to simplify this another way, note that out of the past 14 days AUDCAD’s price has gone down 8 them.

The View From Around the Web

We’re seeing some traders come out with interesting conviction on AUDCAD, with 6 buy signals on our radar and 1 sell signals. This imputes a buy/sell ratio of 6, which is very bullish. Here’s a piece we found on tradingview.com; below is a short snippet from it to give you a taste.

AUD-CAD went up and is now Retesting a resistance cluster Of the falling and horizontal Resistance levels at 0.89665 from where I am expecting a move down