AUD/USD Down 10 Pips in Last 4 Hours; 4 Day Up Streak Ended

AUD/USD 4 Hour Price Update

Updated May 21, 2020 12:45 AM GMT (08:45 PM EST)

AUD/USD, which opened the current 4 hour candle priced near 0.6589, is down 10 pips 0.15% since the last 4 hour candle, marking a reversal from the candle prior — and the end of a 3 four-hour candle positive run. Relative to other instruments in the Forex asset class, AUD/USD ranked 36th the last 4 hour candle in terms of percentage price change.

AUD/USD End of Day Recap

Updated 00:30 GMT (04:30 EST)

After 4 up days, AUD/USD snaps its streak, falling 8 pips (-0.12%) over the past day to close at an exchange rate of 0.65889. Relative to other instruments in the Forex asset class, AUD/USD ranked 37th the previous day in terms of percentage price change. 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 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 200 day average, which is 47.6 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. For additional context, note that price has gone up 7 out of the past 14 days.

The View From Around the Web

Of note is that traders in aggregate have opinions on AUDUSD, with 16 buy signals on our radar and 16 sell signals. This imputes a buy/sell ratio of 1, which is neutral. As for the rationale, technical traders seem to be citing the appearance of a double top technical pattern. Here’s a piece we found on tradingview.com; below is a short snippet from it to give you a taste.

There is a possibility of temporary retracement to suggested support line (0.657)….if so, traders can set orders based on Price Action and expect to reach short-term targets…..The price is above the 21-Day WEMA which acts as a dynamic support.