AUDUSD Down 5 Pips On Hourly Chart, Crosses 50 Day Moving Average; Price Base in Formation Over Past 90 Days

Hourly Update

(Last Updated June 7, 2021 3:15 GMT)

Currently, AUDUSD’s rate is down -5 pips (-0.06%) from the hour prior. AUDUSD has seen its price go down 4 out of the past 5 hours, thus creating some compelling opportunities for bears. As for the trend on the hourly timeframe, we see the clearest trend on the 20 hour timeframe. Of note is that the 100 hour changed directions on AUDUSD; it is now pointing down. 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)

The back and forth price flow continues for AUDUSD, which started today off at 0.77383, down 4 pips 0.05% from the previous day. Relative to other instruments in the Forex asset class, AUDUSD ranked 22nd the previous day in terms of percentage price change. Here is a price chart of AUDUSD.

AUDUSD

AUDUSD Technical Analysis

First things first: AUDUSD crossed below its 50 day moving average yesterday. 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 3.7 pips away. The clearest trend exists on the 30 day timeframe, which shows price moving down over that time. 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 14 days AUDUSD’s price has gone up 7 them. Also, candlestick traders! Note we see doji pattern appearing here as well.