AUDCAD Up 3 Pips Over Past Hour, Moves Up For the 5th Straight Day; in an Uptrend Over Past 90 Days

Hourly Update

(Last Updated September 14, 2020 23:12 GMT)

Currently, AUDCAD’s rate is up 3 pips (0.03%) from the hour prior. This move is a reversal from the hour prior, which saw price move down. As for the trend on the hourly timeframe, we see the clearest trend on the 50 hour timeframe. Of note is that the 200 hour changed directions on AUDCAD; it is now pointing up. 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 21 pips (0.22%) since the previous day (opening today near 0.95935), marking the 5th straight day an increase has occurred. Out of the 40 instruments in the Forex asset class, AUDCAD ended up ranking 11th for the day in terms of price change. The price chart of AUDCAD below illustrates.

AUDCAD

AUDCAD Technical Analysis

Notably, AUDCAD is now close to its 20, 50 and 100 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. 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

We’re seeing some traders come out with interesting conviction on AUDCAD, with 6 buy signals on our radar and 24 sell signals. This imputes a buy/sell ratio of 0.25, which is bearish. 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 sell limit set at the short position shown1. looking at the 5 top formation to hold as very strong resistance for a 6 top2. daily has double top3. sell limit placed on the 0.786 fib retracement level


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