(Last Updated October 12, 2020 2:15 GMT)
At the moment, AUDUSD’s rate is down -5 pips (-0.07%) from the hour prior. The hourly chart shows that AUDUSD has seen 2 straight down hours. 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 doji candlestick pattern on AUDUSD. Given that we see an uptrend 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 bearishness in price, as the 20, 50, 100 and 200 are all in a bearish alignment — meaning the shorter duration moving averages are below the longer duration averages, implying a stable downward trend.
AUDUSD End of Day Recap
Updated 00:30 GMT (04:30 EST)
AUDUSD is up 74 pips (1.03%) since yesterday (opening today near 0.72396), marking the 3rd consecutive day an upward move has occurred. Compared to its peers in the Forex, AUDUSD gave its buyers a return that ranked 3rd in terms of percentage change since yesterday. Here is a price chart of AUDUSD.
AUDUSD Technical Analysis
First things first: AUDUSD crossed above its 20 and 50 day moving averages yesterday. 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 50 day average, which is 33.7 pips away. It should be noted, though, the 50 day simple moving average turned upwards, which may be a bullish sign. Trend traders will want to observe that the strongest trend appears on the 90 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 30 day timeframe. Or to simplify this another way, note that out of the past 10 days AUDUSD’s price has gone up 8 them.