AUD/USD Down 2 Pips in Last Hour, Fares the Worst Out of Forex; in a Downtrend Over Past 90 Days

Hourly Update

(Last Updated September 8, 2021 1:43 GMT)

At the moment, AUDUSD’s rate is down -2 pips (-0.02%) from the hour prior. This move is a reversal from the hour prior, which saw price move up. If you’re a trend trader, consider that the strongest clear trend on the hourly chart exists on the 20 hour timeframe. Price action traders may also wish to note that we see a doji candlestick pattern on AUDUSD. Given that we see downtrend on the 20 hourly candle timeframe, and that such candlestick patterns often denote reversals, this may be worth noting. 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)

AUDUSD is down 51 pips (0.69%) since the day prior (opening today near 0.73874), marking the 3rd straight day a decline has happened. On a relative basis, AUDUSD was the worst performer out of all 39 of the assets in the Forex asset class. Here is a price chart of AUDUSD.

AUDUSD

AUDUSD Technical Analysis

Notably, the current price of AUDUSD is sitting close to its 20, 50 and 100 day moving averages; moving average crosses often indicate a change in momentum, so this may be worth keeping an eye on. Trend traders will want to observe that the strongest trend appears on the 14 day horizon; over that time period, price has been moving up. It should be noted, though, that a trend in the opposite direction, going down, exists on the 90 day timeframe. For additional context, note that price has gone up 9 out of the past 14 days.

The View From Around the Web

Of note is that traders in aggregate have opinions on AUDUSD, with 4 buy signals on our radar and 16 sell signals. This imputes a buy/sell ratio of 0.25, which is bearish. As for the rationale, technical traders seem to be citing the appearance of demand zone technical patterns. Here’s a piece we found on forexlive.com; below is a short snippet from it to give you a taste.

An update from WPAC on the Australian dollar. Outl;look:WPAC cite:—-Weekly candles AUD/USD: