AUD/USD Fares the Worst Out of Forex, Heads Down For the 8th Day In A Row; in a Downtrend Over Past 14 Days

AUD/USD Price Recap

AUD/USD is down 226 pips (3.76%) since yesterday (with its current price near 0.57701), marking the 8th day in a row it has gone down. The price move occurred on stronger volume, as measured by the number of tick price changes; specifically, yesterday’s volume was up 24.41% from the day prior, and up 24.02% from the same day the week before. On a relative basis, AUD/USD was the worst performer out of all 40 of the assets in the Forex asset class. Visually, we could say…

via GIPHY

Okay, okay, you know we have trouble resisting the memes around here 🙂 Getting back to business, here 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. Or to simplify this another way, note that out of the past 10 days AUD/USD’s price has gone down 9 them.

The View From Around the Web

Of note is that traders in aggregate have opinions on AUDUSD, with 20 buy signals on our radar and 13 sell signals. This imputes a buy/sell ratio of 1.54, which is bullish. As for the rationale, technical traders seem to be citing the appearance of channel and relative strength index technical patterns. Here’s a piece we found on dailyfx.com; below is a short snippet from it to give you a taste.

AUD/USD takes out the 2008 low (0.6006) and the exchange rate may continue to exhibit a bearish behavior as the Relative Strength Index (RSI) sits in oversold territory.