AUD/USD 4 Hour Price Update
Updated May 12, 2020 12:56 AM GMT (08:56 PM EST)
AUD/USD is down 2 pips (0.03%) since the previous 4 hours (opening the current 4 hour candle near 0.6485), marking the 2nd candle in a row a decrease has occurred. Compared to its peers in the Forex, AUD/USD gave its buyers a return that ranked 23rd in terms of percentage change since the previous 4 hours.
AUD/USD End of Day Recap
Updated 00:30 GMT (04:30 EST)
AUD/USD is down 7 pips (0.11%) since the day prior (opening today near 0.64822), marking the 3rd day in a row a decline has happened. Out of the 40 instruments in the Forex asset class, AUD/USD ended up ranking 37th for the day in terms of price change. The price chart of AUD/USD below illustrates.
AUD/USD Technical Analysis
The first thing we should note is that AUD/USD is now close to its 20, 100 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 100 day average, which is 32.3 pips away. The clearest trend exists on the 30 day timeframe, which shows price moving up over that time. Interestingly, a trend in the other direction exists on the 90 day timeframe, where price is headed down. For additional context, note that price has gone up 8 out of the past 14 days.
The View From Around the Web
Of note is that traders in aggregate have opinions on AUDUSD, with 11 buy signals on our radar and 20 sell signals. This imputes a buy/sell ratio of 0.55, which is bearish. As for the rationale, technical traders seem to be citing the appearance of a relative strength index technical pattern. Here’s a piece we found on dailyfx.com; below is a short snippet from it to give you a taste.
The failed attempt to test the March high (0.6685) warns of a potential shift in AUD/USD behavior as the exchange rate snaps the upward trending channel from March.