AUDCAD Up 9 Pips in Last Hour; Moves Down For the 4th Consecutive Day

Hourly Update

(Last Updated May 3, 2021 2:13 GMT)

At the time of this writing, AUDCAD’s rate is up 9 pips (0.09%) from the hour prior. It’s been a feast for bulls operating on an hourly timeframe, as AUDCAD has now gone up 4 of the past 5 hours. If you’re a trend trader, consider that the strongest clear trend on the hourly chart exists on the 50 hour timeframe. The moving averages on the hourly timeframe suggest a bullishness in price, as the 20, 50, 100 and 200 are all in a bullish alignment — meaning the shorter durations are above the longer duration averages, implying a sound upward trend.

AUDCAD End of Day Recap

Updated 00:30 GMT (04:30 EST)

AUDCAD is down 74 pips (0.77%) since yesterday (opening today near 0.94729), marking the 4th consecutive day a decline has happened. Out of the 39 instruments in the Forex asset class, AUDCAD ended up ranking 33rd for the day in terms of price change. The price chart of AUDCAD below illustrates.

AUDCAD

AUDCAD Technical Analysis

Notably, the current price of AUDCAD is sitting close to its 20, 50 and 200 day moving averages; moving average crosses often indicate a change in momentum, so this may be worth keeping an eye on. 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 148.2 pips away. It should be noted, though, the 100 day simple moving average turned downwards, which may be a bearish sign. Trend traders will want to observe that the strongest trend appears on the 90 day horizon; over that time period, price has been moving down. For additional context, note that price has gone down 6 out of the past 10 days.

The View From Around the Web

Of note is that traders in aggregate have opinions on AUDCAD, with 4 buy signals on our radar and 2 sell signals. This imputes a buy/sell ratio of 2, which is bullish. As for the rationale, technical traders seem to be citing the appearance of a supply zone technical pattern. Here’s a piece we found on tradingview.com; below is a short snippet from it to give you a taste.

G’day GuysNext let’s check our AUDCAD. Nothing much we can do this pair as this pair was dropping so much. What we can do now is waiting for correction before opening Sell Positions.We waiting for price entering the Supply zone to create momentum / impulse to push the price lower. Am projecting this pair gonna forming this pattern.Let’s see what happen next… Cheers.