AUD/USD 2 Day Up Streak Broken; in a Downtrend Over Past 30 Days

AUD/USD Price Recap

The choppiness in the recent daily price action of AUD/USD continues; to start today, it comes in at a price of 0.66863 US dollars, up 15 pips (0.22%) since yesterday. The price move occurred on volume — and we’re using the number of tick price changes as a proxy for volume — that was up 4.6% from the day prior, but down 11.18% from the same day the week before. Out of the 40 instruments in the Forex asset class, AUD/USD ended up ranking 9th for the day in terms of day-over-day price change. Below is a price chart of AUD/USD.

AUD/USD Technical Analysis

Notably, AUD/USD is now close to its 20, 50 and 100 day moving averages, which may act as price barrier for the asset. 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 101.3 pips away. Something else of critical noteworthiness is that AUD/USD’s momentum/trend on a 14 day basis may be decelerating. Volatility for AUD/USD has exploded over the past two weeks relative to the past 30 days, which technical traders will want to note. The clearest trend exists on the 30 day timeframe, which shows price moving down over that time. Or to simplify this another way, note that out of the past 10 days AUD/USD’s price has gone up 5 them.

The View From Around the Web

We’re seeing some traders come out with interesting conviction on AUDUSD, with 36 buy signals on our radar and 13 sell signals. This imputes a buy/sell ratio of 2.77, which is bullish. As for the rationale, technical traders seem to be citing the appearance of a relative strength index technical pattern. Here’s a piece we found on tradingview.com; below is a short snippet from it to give you a taste.

Long setup on AUDUSD. I profited nicely on that trend line bounce last night, now after it retraced back down it looks like downside should be over. Seeing solid bullish divergence on RSI. I’ll be targeting the resistance area above