(Last Updated June 1, 2021 2:15 GMT)
At the moment, AUDUSD’s rate is up 4 pips (0.05%) from the hour prior. It’s been a feast for bulls operating on an hourly timeframe, as AUDUSD has now gone up 4 of the past 5 hours. Regarding the trend, note that the strongest trend exists on the 20 hour timeframe. The moving averages on the hourly timeframe suggest a choppiness in price, as the 20, 50, 100 and 200 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 up 35 pips (0.45%) since yesterday (opening today near 0.77459), marking the 2nd straight day an increase has occurred. Compared to its peers in the Forex, AUDUSD gave its buyers a return that ranked 3rd in terms of percentage change since yesterday. The price chart of AUDUSD below illustrates.
AUDUSD Technical Analysis
Moving average crossovers are always interesting, so let’s start there: AUDUSD crossed above its 50 and 100 day moving averages yesterday. Price action traders in particular will want to note that the 90 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 30 days AUDUSD’s price has gone up 17 them.
The View From Around the Web
Of note is that traders in aggregate have opinions on AUDUSD, with 9 buy signals on our radar and 7 sell signals. This imputes a buy/sell ratio of 1.29, which is bullish. As for the rationale, technical traders seem to be citing the appearance of head and shoulders technical patterns. Here’s a piece we found on forexlive.com; below is a short snippet from it to give you a taste.
I posted this a few hours ago, still impacting:AUD posting further gains: