AUD/CAD Down 12 Pips Over Past 4 Hours, Makes Big Move Relative to Two Week Trend; Pin Bar Pattern Appearing on Chart

AUD/CAD 4 Hour Price Update

Updated August 03, 2020 05:11 AM GMT (01:11 AM EST)

The back and forth price flow continues for AUD/CAD, which started the current 4 hour candle off at 0.9566, down 12 pips 0.13% from the last 4 hour candle. Relative to other instruments in the Forex asset class, AUD/CAD ranked 32nd the last 4 hour candle in terms of percentage price change.

AUD/CAD End of Day Recap

Updated 00:30 GMT (04:30 EST)

AUD/CAD entered today at 0.95777, down 0 pips (0%) from yesterday. Compared to its peers in the Forex, AUD/CAD gave its buyers a return that ranked 21st in terms of percentage change since yesterday. The price chart of AUD/CAD below illustrates.

AUD/CAD

AUD/CAD Technical Analysis

Notably, AUD/CAD is now close to its 20 and 50 day moving averages, which may act as price barrier for the asset. The clearest trend exists on the 90 day timeframe, which shows price moving up over that time. Or to simplify this another way, note that out of the past 10 days AUD/CAD’s price has gone up 6 them. Oh, and one last thing: if you trade off of candlesticks, note that we’re seeing pin bar pattern appearing here.

The View From Around the Web

We’re seeing some traders come out with interesting conviction on AUDCAD, with 11 buy signals on our radar and 17 sell signals. This imputes a buy/sell ratio of 0.65, 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.

This will confirm more selling to the bottom side….Weekly RSI overbought, now in a strong sell zoneEntry:Once we have a break of channel, sell on the retest of the bottom channel (new resistance)….TP 1: next support area of 0.9426TP 2: higher time frame support of 0.9283Good luck trading!