AUD/USD Moves Down For the 2nd Day In A Row, Nears 20, 50, 100 and 200 Day Moving Averages

AUD/USD Price Recap

AUD/USD is down 0.24% since yesterday (with its current price near 0.67866), marking the 2nd 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 22.15% from the day prior, and up 6.46% from the same day the week before. Out of the 40 instruments in the Forex asset class, AUD/USD ended up ranking 34th for the day in terms of day-over-day price change. Let’s take a look at price chart of AUD/USD.

AUD/USD Technical Analysis

Notably, the current price of AUD/USD is sitting close to its 20, 50, 100 and 200 day moving averages; moving average crosses often indicate a change in momentum, so this may be worth keeping an eye on. Volatility for AUD/USD has exploded over the past two weeks relative to the past 30 days, which technical traders will want to note. 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. Interestingly, a trend in the other direction exists on the 90 day timeframe, where price is headed up. For additional context, note that price has gone down 10 out of the past 14 days. And for candlestick traders, a special treat: there is a pin bar pattern showing up on the charts as well. Rejoice!

We’re seeing some traders come out with interesting conviction on AUDUSD, with 5 buy signals on our radar and 15 sell signals. This imputes a buy/sell ratio of 0.33, which is bearish. As for the rationale, technical traders seem to be citing the appearance of divergence and fibonacci technical patterns. Here’s a piece we ; below is a short snippet from it to give you a taste.
The AUDUSD on the hourly time frame has been following a downtrend recently. The price dipped below the key level of 0.68000 on 14 November to reach the lowest level of the period under study at 0.67699. Bears are pushing the price lower as key technical indicators are supporting the bearish trend. As of writing, the price is hovering around 0.67920 with negative MACD and price below 200-period simple moving average….