AUDUSD Up 4 Pips in Last Hour, Price Base in Formation Over Past 90 Days; is Inching Close to 50 and 100 Day Averages

Hourly Update

(Last Updated May 31, 2021 2:15 GMT)

At the moment, AUDUSD’s rate is up 4 pips (0.05%) from the hour prior. This is a reversal of the price action on the previous hour, in which price moved down. As for the trend on the hourly timeframe, we see the clearest trend on the 100 hour timeframe. Regarding moving averages, it should first be noted that price has crossed the 20 hour moving average, resulting in them with price now being above it. The moving averages on the hourly timeframe suggest a bullishness in price, as the 20, 50, 100 and 200 are all in a bullish alignment — meaning the shorter durations are above the longer duration averages, implying a sound upward trend.

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 0.77113, up 3 pips (0.04%) since yesterday. Compared to its peers in the Forex, AUDUSD gave its buyers a return that ranked 19th in terms of percentage change since yesterday. Below is a price chart of AUDUSD.

AUDUSD

AUDUSD Technical Analysis

The first thing we should note is that AUDUSD is now close to its 20, 50, 100 and 200 day moving averages, which may act as price barrier for the asset. The clearest trend exists on the 14 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 8 them.