AUDCAD Down 3 Pips in Last Hour, Came Into Today Up For the 2nd Day In A Row; is Inching Close to 20, 50 and 200 Day Averages

Hourly Update

(Last Updated April 27, 2021 2:13 GMT)

Currently, AUDCAD’s rate is down -3 pips (-0.03%) from the hour prior. AUDCAD has seen its price go down 4 out of the past 5 hours, thus creating some compelling opportunities for bears. 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 choppiness in price, as the 20, 50, 100 and 200 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 up 4 pips (0.05%) since the day prior (opening today near 0.96658), marking the 2nd day in a row an upward move has occurred. Out of the 39 instruments in the Forex asset class, AUDCAD ended up ranking 22nd for the day in terms of price change. Let’s take a look at price chart of AUDCAD.

AUDCAD

AUDCAD Technical Analysis

The first thing we should note is that AUDCAD is now close to its 20, 50, 100 and 200 day averages, located at 0.963, 0.9706, 0.9733 and 0.9621 respectively, and thus may be at a key juncture along those timeframes. 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 20 day average, which is 35.7 pips away. The clearest trend exists on the 90 day timeframe, which shows price moving down over that time. For additional context, note that price has gone up 19 out of the past 30 days.