AUDCAD Down 18 Pips Over Past Hour, in an Uptrend Over Past 90 Days; is Inching Close to 20 Day Average

Hourly Update

(Last Updated September 10, 2020 16:12 GMT)

At the moment, AUDCAD’s rate is down -18 pips (-0.19%) from the hour prior. This is a reversal of the price action on the previous hour, in which price moved up. If you’re a trend trader, consider that the strongest clear trend on the hourly chart 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 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 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 up 23 pips (0.25%) since the day prior (opening today near 0.957), marking the 3rd consecutive day it has gone up. Relative to other instruments in the Forex asset class, AUDCAD ranked 14th the day prior in terms of percentage price change. The price chart of AUDCAD below illustrates.

AUDCAD

AUDCAD Technical Analysis

Coming into today the current price of AUDCAD is sitting close to its 20, 50 and 100 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. Price action traders in particular will want to note that the 30 day period appears to show price forming a base; this could indicate that a support/resistance level is developing. Or to simplify this another way, note that out of the past 30 days AUDCAD’s price has gone up 15 them.

The View From Around the Web

Of note is that traders in aggregate have opinions on AUDCAD, with 6 buy signals on our radar and 9 sell signals. This imputes a buy/sell ratio of 0.67, which is bearish. As for the rationale, technical traders seem to be citing the appearance of channel and flag technical patterns. Here’s a piece we found on tradingview.com; below is a short snippet from it to give you a taste.

Bearish FlagTP1 = 64 pips @ 0.9490TP2 =102 pips @ 0.9456Please don’t forget to FOLLOW , LIKE and COMMENT …If you like my analysis:)Thank you and Good Luck!


Forex Frank is a forex analyst and market commentator with nearly two decades of experience in currency trading. Follow him on social media: Facebook | Twitter | Instagram