(Last Updated September 8, 2021 0:13 GMT)
At the moment, AUDUSD’s rate is up 1 pips (0.01%) from the hour prior. This move is a reversal from the hour prior, which saw price move down. If you’re a trend trader, consider that the strongest clear trend on the hourly chart exists on the 20 hour timeframe. Price action traders may also wish to note that we see a pin bar candlestick pattern on AUDUSD. Given that we see downtrend on the 20 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)
AUDUSD is down 10 pips (0.14%) since the previous day (opening today near 0.74384), marking the 2nd day in a row it has gone down. Relative to other instruments in the Forex asset class, AUDUSD ranked 30th the previous day in terms of percentage price change. Here is a price chart of AUDUSD.
AUDUSD Technical Analysis
The first thing we should note is that AUDUSD is now close to its 20, 50, 100 and 200 day averages, located at 0.7297, 0.735, 0.7502 and 0.7612 respectively, and thus may be at a key juncture along those timeframes. Trend traders will want to observe that the strongest trend appears on the 14 day horizon; over that time period, price has been moving up. It should be noted, though, that a trend in the opposite direction, going down, exists on the 90 day timeframe. Also of note is that on a 30 day basis price appears to be forming a base — which could the stage for it being a support/resistance level going forward. Or to simplify this another way, note that out of the past 10 days AUDUSD’s price has gone up 6 them.