AUD/USD Down 18 Pips; in a Downtrend Over Past 30 Days

AUD/USD Price Recap

The back and forth price flow continues for AUD/USD, which starts today off at 0.67192 US dollars, down 18 pips 0.27% from the previous day. The price move occurred on volume — and we’re using the number of tick price changes as a proxy for volume — that was up 8.07% from the day prior, but down 13.44% from the same day the week before. Relative to other instruments in the Forex asset class, AUD/USD ranked 29th yesterday in terms of percentage price change. Here is a price chart of AUD/USD.

AUD/USD Technical Analysis

Notably, the current price of AUD/USD is sitting close to its 20, 50, 100 and 200 day moving averages; moving average crosses often indicate a change in momentum, so this may be worth keeping an eye on. 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 41.9 pips away. Volatility for AUD/USD has been contracting over the past two weeks relative to volatility over the past month. Whether volatility reverts will be something to watch. The clearest trend exists on the 30 day timeframe, which shows price moving down over that time. Or to simplify this another way, note that out of the past 10 days AUD/USD’s price has gone up 6 them.

The View From Around the Web

We’re seeing some traders come out with interesting conviction on AUDUSD, with 8 buy signals on our radar and 21 sell signals. This imputes a buy/sell ratio of 0.38, which is bearish. As for the rationale, technical traders seem to be citing the appearance of a channel technical pattern. Here’s a piece we found on; below is a short snippet from it to give you a taste.

Rising Wedge pattern which is reversal pattern, We can see drop in downside after 3rd Touch.ThankYou