AUDCAD Down 1 Pips On Hourly Chart, 3 Day Up Streak Ended; Crosses 200 Day Moving Average

Hourly Update

(Last Updated April 1, 2021 0:13 GMT)

At the moment, AUDCAD’s rate is down -1 pips (-0.01%) from the hour prior. It’s been a feast for bears operating on an hourly timeframe, as AUDCAD has now gone down 8 of the past 10 hours. Regarding the trend, note that the strongest trend exists 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 and 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)

After 3 up days, AUDCAD snaps its streak, falling 17 pips (-0.18%) over the past day to close at an exchange rate of 0.96003. Relative to other instruments in the Forex asset class, AUDCAD ranked 32nd yesterday in terms of percentage price change. Let’s take a look at price chart of AUDCAD.

AUDCAD

AUDCAD Technical Analysis

Moving average crossovers are always interesting, so let’s start there: AUDCAD crossed below its 200 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 200 day average, which is 0.2 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. The clearest trend exists on the 30 day timeframe, which shows price moving down over that time. Or to simplify this another way, note that out of the past 14 days AUDCAD’s price has gone down 8 them.