AUD/CAD 4 Hour Price Update
Updated June 22, 2020 01:08 PM GMT (09:08 AM EST)
AUD/CAD entered the current 4 hour candle at 0.9335, down 2 pips (0.02%) from the last 4 hour candle. Out of the 37 instruments in the Forex asset class, AUD/CAD ended up ranking 24th 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 3 pips (0.03%) since the day prior (opening today near 0.92969), marking the 3rd day in a row a decrease has occurred. Out of the 40 instruments in the Forex asset class, AUD/CAD ended up ranking 32nd for the day in terms of price change. The price chart of AUD/CAD below illustrates.
AUD/CAD Technical Analysis
Notably, the current price of AUD/CAD 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. 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 23.2 pips away. Volatility for AUD/CAD has been contracting over the past two weeks relative to volatility over the past month. Whether volatility reverts will be something to watch. The clearest trend exists on the 30 day timeframe, which shows price moving up over that time. For additional context, note that price has gone down 6 out of the past 10 days. Also, candlestick traders! Note we see pin bar pattern appearing here as well.
The View From Around the Web
Of note is that traders in aggregate have opinions on AUDCAD, with 13 buy signals on our radar and 19 sell signals. This imputes a buy/sell ratio of 0.68, which is bearish. As for the rationale, technical traders seem to be citing the appearance of channel and elliott wave technical patterns. Here’s a piece we found on tradingview.com; below is a short snippet from it to give you a taste.
https://www.tradingview.com/x/3FbkWhYI/ AUD has been performing well against most currencies for a while and the AUDCAD has tested the 20MA twice, and now today, the 20MA has (or is about to) close above it, showing that suggesting buyers are stepping in and seeing the 20MA (0.9299) as an area of value….For those who like to trade chart patterns, it looks like there is a bull flag as well….Long setup would be to enter on the daily close of the current candle and trail the stop.