AUDCAD Down 1 Pips Over Past Hour, Breaks Below 20 and 200 Day Averages; Price Base in Formation Over Past 90 Days

Hourly Update

(Last Updated April 8, 2021 3:13 GMT)

Currently, AUDCAD’s rate is down -1 pips (-0.01%) from the hour prior. This is a reversal of the price action on the previous hour, in which price moved up. Regarding the trend, note that the strongest trend 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 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)

A moment of silence, please, for the end of AUDCAD’s 4 day up streak; price ended the day prior down 34 pips (-0.35%) to finish the day at a rate of 0.96034. Out of the 39 instruments in the Forex asset class, AUDCAD ended up ranking 28th for the day in terms of price change. The price chart of AUDCAD below illustrates.

AUDCAD

AUDCAD Technical Analysis

First things first: AUDCAD crossed below its 20 and 200 day moving averages 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 200 day average, which is 3.1 pips away. Volatility for AUDCAD has been contracting over the past two weeks relative to volatility over the past month. Whether volatility reverts will be something to watch. Trend traders will want to observe that the strongest trend appears on the 30 day horizon; over that time period, price has been moving down. Price action traders in particular will want to note that the 90 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 14 days AUDCAD’s price has gone up 8 them.