AUD/USD 4 Hour Price Update
Updated March 31, 2020 01:10 PM GMT (09:10 AM EST)
AUD/USD is down 59 pips (0.96%) since the previous 4 hours (opening the current 4 hour candle near 0.6101), marking the 2nd candle in a row a decline has happened. On a relative basis, AUD/USD was the worst performer out of all 40 of the assets in the Forex asset class.
AUD/USD End of Day Recap
Updated 00:30 GMT (04:30 EST)
The choppiness in the recent daily price action of AUD/USD continues; to start today, it came in at a price of 0.6161, down 7 pips (0.12%) since yesterday. Out of the 40 instruments in the Forex asset class, AUD/USD ended up ranking 29th for the day in terms of price change. The price chart of AUD/USD below illustrates.
AUD/USD Technical Analysis
Notably, the current price of AUD/USD is sitting close to its 20 day moving averages; moving average crosses often indicate a change in momentum, so this may be worth keeping an eye on. The clearest trend exists on the 30 day timeframe, which shows price moving down over that time. For additional context, note that price has gone up 7 out of the past 14 days. Oh, and one last thing: if you trade off of candlesticks, note that we’re seeing pin bar pattern appearing here.
The View From Around the Web
Of note is that traders in aggregate have opinions on AUDUSD, with 12 buy signals on our radar and 17 sell signals. This imputes a buy/sell ratio of 0.71, which is bearish. As for the rationale, technical traders seem to be citing the appearance of channel, flag and wedge technical patterns. Here’s a piece we found on dailyfx.com; below is a short snippet from it to give you a taste.
The recent rebound in AUD/USD may start to unravel over the coming days as a bear flag formation continues to takes shape.