AUD/USD Down 3 Pips Over Past 4 Hours, Entered Today Up For the 6th Day In A Row; Price Base in Formation Over Past 30 Days

AUD/USD 4 Hour Price Update

Updated July 03, 2020 01:13 AM GMT (09:13 PM EST)

The choppiness in the recent four-hour candle price action of AUD/USD continues; to start the current 4 hour candle, it came in at a price of 0.6919, down 3 pips (0.04%) since the previous 4 hours. Relative to other instruments in the Forex asset class, AUD/USD ranked 28th the previous 4 hours in terms of percentage price change.

AUD/USD End of Day Recap

Updated 00:30 GMT (04:30 EST)

AUD/USD is up 1 pips (0.01%) since the day prior (opening today near 0.69226), marking the 6th day in a row an increase has occurred. Compared to its peers in the Forex, AUD/USD gave its buyers a return that ranked 28th in terms of percentage change since the day prior. Let’s take a look at price chart of AUD/USD.

AUD/USD Technical Analysis

Coming into today AUD/USD is now close to its 20 day averages, located at 0.6882 respectively, and thus may be at a key juncture along those timeframes. 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 40.6 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 up. Price action traders in particular will want to note that the 30 day period appears to show price forming a base; this could indicate that a support/resistance level is developing. For additional context, note that price has gone up 8 out of the past 10 days.

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 8 sell signals. This imputes a buy/sell ratio of 1.88, which is bullish. As for the rationale, technical traders seem to be citing the appearance of a triangle technical pattern. Here’s a piece we found on dailyfx.com; below is a short snippet from it to give you a taste.

Bulls keep pushing AUD/USD with support from a bullish pennant formation. Can Q3 continue with upside momentum or will bears take the reins?