AUD/USD Down 6 Pips On Hourly Chart, 4 Day Down Streak Broken; in an Uptrend Over Past 14 Days

Hourly Update

(Last Updated November 23, 2022 2:16 GMT)

Currently, AUDUSD’s rate is down -6 pips (-0.09%) from the hour prior. This is a reversal of the price action on the previous hour, in which price moved up. As for the trend on the hourly timeframe, we see the clearest trend on the 100 hour timeframe. Price action traders may also wish to note that we see a doji candlestick pattern on AUDUSD. Given that we see an uptrend on the 20 and 10 hourly candle timeframe, and that such candlestick patterns often denote reversals, this may be worth noting. The moving averages on the hourly timeframe suggest a choppiness in price, as the 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)

A moment of silence, please, for the end of AUDUSD’s 4 day down streak; price ended yesterday up 41 pips (0.63%) to finish the day at a rate of 0.66454. Compared to its peers in the Forex, AUDUSD gave its buyers a return that ranked 5th in terms of percentage change since yesterday. Let’s take a look at price chart of AUDUSD.

AUDUSD

AUDUSD Technical Analysis

Notably, AUDUSD is now close to its 20, 50 and 100 day averages, located at 0.654, 0.6487 and 0.669 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 100 day average, which is 44.6 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. Interestingly, a trend in the other direction exists on the 90 day timeframe, where price is headed down. Or to simplify this another way, note that out of the past 10 days AUDUSD’s price has gone down 6 them.