AUDUSD Up 7 Pips in Last Hour, Breaks Below 50 Day Average; Price Base in Formation Over Past 90 Days

Hourly Update

(Last Updated June 7, 2021 17:15 GMT)

At the moment, AUDUSD’s rate is up 7 pips (0.09%) from the hour prior. This is a reversal of the price action on the previous hour, in which price moved down. Regarding the trend, note that the strongest trend exists on the 20 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.

AUDUSD End of Day Recap

Updated 00:30 GMT (04:30 EST)

AUDUSD entered today at 0.77383, down 4 pips (0.05%) from yesterday. Out of the 39 instruments in the Forex asset class, AUDUSD ended up ranking 22nd for the day in terms of price change. The price chart of AUDUSD below illustrates.

AUDUSD

AUDUSD Technical Analysis

Moving average crossovers are always interesting, so let’s start there: AUDUSD crossed below its 50 day moving average yesterday. 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 100 day average, which is 3.7 pips away. The clearest trend exists on the 30 day timeframe, which shows price moving down over that time. Price action traders in particular will want to note that the 90 day period appears to show price forming a base; this could indicate that a support/resistance level is developing. Or to simplify this another way, note that out of the past 14 days AUDUSD’s price has gone up 7 them. Also, candlestick traders! Note we see doji pattern appearing here as well.