AUDCAD Up 5 Pips On Hourly Chart, in a Downtrend Over Past 90 Days; Price Base in Formation Over Past 14 Days

Hourly Update

(Last Updated July 22, 2021 3:12 GMT)

At the moment, AUDCAD’s rate is up 5 pips (0.05%) from the hour prior. This move is a reversal from the hour prior, which saw price move down. Regarding the trend, note that the strongest trend exists on the 20 hour timeframe. The moving averages on the hourly timeframe suggest a choppiness in price, as the 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 down 55 pips (0.59%) since the day prior (opening today near 0.92426), marking the 2nd straight day a decline has happened. Out of the 39 instruments in the Forex asset class, AUDCAD ended up ranking 35th for the day in terms of price change. Here is a price chart of AUDCAD.

AUDCAD

AUDCAD Technical Analysis

Coming into today AUDCAD is now close to its 20, 50 and 100 day averages, located at 0.932, 0.9339 and 0.9477 respectively, and thus may be at a key juncture along those timeframes. The clearest trend exists on the 90 day timeframe, which shows price moving down over that time. Price action traders in particular will want to note that the 14 day period appears to show price forming a base; this could indicate that a support/resistance level is developing. For additional context, note that price has gone up 7 out of the past 14 days.