AUD/USD Down 6 Pips in Last 4 Hours, 4 Day Down Streak Broken; Nears 20 and 100 Day Moving Averages

AUD/USD 4 Hour Price Update

Updated May 14, 2020 09:07 AM GMT (05:07 AM EST)

AUD/USD is down 6 pips (0.09%) since the previous 4 hours (opening the current 4 hour candle near 0.6432), marking the 2nd candle in a row it has gone down. Compared to its peers in the Forex, AUD/USD gave its buyers a return that ranked 28th 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, which opened today priced near 0.64566, is up 3 pips 0.05% since the day prior, marking a reversal from the day prior — and the end of a 4 day negative run. Compared to its peers in the Forex, AUD/USD gave its buyers a return that ranked 13th in terms of percentage change since the day prior. Below is a price chart of AUD/USD.

AUD/USD Technical Analysis

The first thing we should note is that AUD/USD is now close to its 20 and 100 day averages, located at 0.645 and 0.6441 respectively, and thus may be at a key juncture along those timeframes. 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 6.5 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. Price action traders in particular will want to note that the 14 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 10 days AUD/USD’s price has gone up 5 them. Also, candlestick traders! Note we see pin bar pattern appearing here as well.

The View From Around the Web

Of note is that traders in aggregate have opinions on AUDUSD, with 5 buy signals on our radar and 25 sell signals. This imputes a buy/sell ratio of 0.2, which is quite bearish. As for the rationale, technical traders seem to be citing the appearance of a trendline technical pattern. Here’s a piece we found on tradingview.com; below is a short snippet from it to give you a taste.

We see a good channel. And now the price is below this channel, I am waiting for its growth to the resistance line.Traders, if you liked this idea or have your opinion on it, write in the comments. I will be glad👩‍💻