AUD/USD 4 Day Down Streak Snapped, in a Downtrend Over Past 14 Days; is Inching Close to 20 and 200 Day Averages

AUD/USD Price Recap

AUD/USD is up 3 pips (0.05%) since yesterday (with its current price near 0.6903), marking the 2nd day in a row an upward move has occurred. The price move occurred on volume — and we’re using the number of tick price changes as a proxy for volume — that was down 12.32% from the day prior, but up 73.55% from the same day the week before. Out of the 40 instruments in the Forex asset class, AUD/USD ended up ranking 21st for the day in terms of day-over-day price change. Let’s take a look at price chart of AUD/USD.

AUD/USD Technical Analysis

Coming into today the current price of AUD/USD is sitting close to its 20, 50, 100 and 200 day moving averages; moving average crosses often indicate a change in momentum, so this may be worth keeping an eye on. 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 200 day average, which is 10.4 pips away. It should be noted, though, the 20 day simple moving average turned downwards, which may be a bearish sign. Volatility for AUD/USD has exploded over the past two weeks relative to the past 30 days, which technical traders will want to note. Trend traders will want to observe that the strongest trend appears on the 14 day horizon; over that time period, price has been moving down. It should be noted, though, that a trend in the opposite direction, going up, exists on the 90 day timeframe. Or to simplify this another way, note that out of the past 30 days AUD/USD’s price has gone up 16 them.

The View From Around the Web

We’re seeing some traders come out with interesting conviction on AUDUSD, with 13 buy signals on our radar and 26 sell signals. This imputes a buy/sell ratio of 0.5, which is bearish. As for the rationale, technical traders seem to be citing the appearance of fibonacci and head and shoulders technical patterns. Here’s a piece we found on tradingview.com; below is a short snippet from it to give you a taste.

ANALYSIS ON AUDUSDWelcome to my analysis-2HR CHart-Interesting Point of interest In the AUD/USD pair….- Price testing 200 day EMA ….- look for sell signals.