AUD/USD Up 21 Pips On 4 Hour Chart; Entered Today Up For the 4th Day In A Row

AUD/USD 4 Hour Price Update

Updated May 20, 2020 05:07 PM GMT (01:07 PM EST)

AUD/USD is up 21 pips (0.32%) since the previous 4 hours (opening the current 4 hour candle near 0.66), marking the 2nd candle in a row it has gone up. Compared to its peers in the Forex, AUD/USD gave its buyers a return that ranked 2nd in terms of percentage change since the previous 4 hours.

AUD/USD End of Day Recap

Updated 00:30 GMT (04:30 EST)

AUD/USD is up 10 pips (0.15%) since yesterday (opening today near 0.65439), marking the 4th day in a row an upward move has occurred. Out of the 40 instruments in the Forex asset class, AUD/USD ended up ranking 16th for the day in terms of price change. Below is a price chart of AUD/USD.

AUD/USD Technical Analysis

Notably, AUD/USD is now close to its 20, 100 and 200 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 69 pips away. Trend traders will want to observe that the strongest trend appears on the 30 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 AUD/USD’s price has gone up 8 them.

The View From Around the Web

We’re seeing some traders come out with interesting conviction on AUDUSD, with 15 buy signals on our radar and 18 sell signals. This imputes a buy/sell ratio of 0.83, which is neutral. 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.

On the D1 timeframeThe pair can be seen to have been inside a bearish flag before breaking to the downside, retesting the newly created resistance whilst creating an ascending channel as well….It seems to have created a fake out to the down side when attempting to break the ascending channel and is heading to test the resistance of the channel….On the H4 timeframeThe pair broke the resistance within the ascending channel, it then made a quick retest before continuing it’s push upwards.