AUD/USD Down 64 Pips, in a Downtrend Over Past 14 Days; Pin Bar Pattern Appearing on Chart

AUD/USD Price Recap

AUD/USD is down 64 pips (1.04%) since yesterday (with its current price near 0.61184), marking the 6th day in a row a decrease has occurred. The price move occurred on volume — and we’re using the number of tick price changes as a proxy for volume — that was down 4.1% from the day prior, but up 287.16% from the same day the week before. Relative to other instruments in the Forex asset class, AUD/USD ranked 29th yesterday in terms of percentage price change. Below is a price chart of AUD/USD.

AUD/USD Technical Analysis

Trend traders will want to observe that the strongest trend appears on the 14 day horizon; over that time period, price has been moving down. For additional context, note that price has gone down 7 out of the past 10 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 a relative strength index technical pattern. Here’s a piece we found on dailyfx.com; below is a short snippet from it to give you a taste.

AUD/USD may continue to give back the correction from the 2008 low (0.6006) as the Relative Strength Index (RSI) sits in oversold territory.