AUDCAD Up 4 Pips On Hourly Chart, Entered Today Up For the 2nd Straight Day; in an Uptrend Over Past 14 Days

Hourly Update

(Last Updated February 19, 2021 23:13 GMT)

At the time of this writing, AUDCAD’s rate is up 4 pips (0.04%) 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 20 hour timeframe. The moving averages on the hourly timeframe suggest a bearishness in price, as the 20, 50, 100 and 200 are all in a bearish alignment — meaning the shorter duration moving averages are below the longer duration averages, implying a stable downward trend.

AUDCAD End of Day Recap

Updated 00:30 GMT (04:30 EST)

AUDCAD is up 2 pips (0.02%) since the previous day (opening today near 0.98504), marking the 2nd straight day an increase has occurred. Relative to other instruments in the Forex asset class, AUDCAD ranked 24th the previous day in terms of percentage price change. Here 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, 50 and 100 day averages, located at 0.9812, 0.978 and 0.9625 respectively, and thus may be at a key juncture along those timeframes. Trend traders will want to observe that the strongest trend appears on the 14 day horizon; over that time period, price has been moving up. Price action traders in particular will want to note that the 30 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 16 out of the past 30 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 0 sell signals. This imputes a buy/sell ratio that’s infinite! But, let’s not get carried away with that idea just yet. 🙂 Here’s a piece we found on tradingview.com; below is a short snippet from it to give you a taste.

audcad h4 buy idea last h4 broke previous highs and we have pullback now possible entry here at retest of broken area targets 0.99, 1.00