AUDCAD Down 4 Pips On Hourly Chart, Moves Up For the 7th Straight Day; Price Base in Formation Over Past 14 Days

Hourly Update

(Last Updated September 17, 2020 23:12 GMT)

Currently, AUDCAD’s rate is down -4 pips (-0.04%) from the hour prior. This move is a reversal from the hour prior, which saw price move up. 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 downtrend 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 25 pips (0.26%) since yesterday (opening today near 0.9625), marking the 7th straight day an increase has occurred. Compared to its peers in the Forex, AUDCAD gave its buyers a return that ranked 8th in terms of percentage change since yesterday. Below is a price chart of AUDCAD.

AUDCAD

AUDCAD Technical Analysis

The first thing we should note is that AUDCAD is now close to its 20 and 50 day moving averages, which may act as price barrier for the asset. 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. Also of note is that on a 14 day basis price appears to be forming a base — which could the stage for it being a support/resistance level going forward. Or to simplify this another way, note that out of the past 14 days AUDCAD’s price has gone up 10 them.

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 13 sell signals. This imputes a buy/sell ratio of 1, which is neutral. As for the rationale, technical traders seem to be citing the appearance of a channel technical pattern. Here’s a piece we found on tradingview.com; below is a short snippet from it to give you a taste.

AUDCAD has been on a bullish trend and now doing the 3rd touch. Zooming in its also forming a bearish flag which increases the probabilities of going short.


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