AUDUSD Down 6 Pips in Last Hour; Breaks Above 50 Day Average

Hourly Update

(Last Updated September 17, 2021 1:13 GMT)

At the time of this writing, AUDUSD’s rate is down -6 pips (-0.08%) from the hour prior. This is a reversal of the price action on the previous hour, in which price moved up. If you’re a trend trader, consider that the strongest clear trend on the hourly chart exists on the 50 hour timeframe. Price action traders may also wish to note that we see a doji candlestick pattern on AUDUSD. Given that we see an uptrend on the 20 hourly candle timeframe, and that such candlestick patterns often denote reversals, this may be worth noting. With that said, traders should also note the downtrend on the 10 hourly candle timeframe, so the meaning of the candles may require further exploration. The moving averages on the hourly timeframe suggest a choppiness in price, as the 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)

The choppiness in the recent daily price action of AUDUSD continues; to start today, it came in at a price of 0.73388, up 20 pips (0.28%) since the previous day. Compared to its peers in the Forex, AUDUSD gave its buyers a return that ranked 5th in terms of percentage change since the previous day. Let’s take a look at price chart of AUDUSD.

AUDUSD

AUDUSD Technical Analysis

Moving average crossovers are always interesting, so let’s start there: AUDUSD crossed above 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 50 day average, which is 3.2 pips away. Trend traders will want to observe that the strongest trend appears on the 90 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 30 day timeframe. For additional context, note that price has gone up 16 out of the past 30 days.