AUDUSD Up 2 Pips in Last Hour, Crosses 20 Day Moving Average; in an Uptrend Over Past 14 Days

Hourly Update

(Last Updated October 14, 2020 2:15 GMT)

At the moment, AUDUSD’s rate is up 2 pips (0.03%) from the hour prior. The hourly chart shows that AUDUSD has seen 2 straight up hours. Regarding the trend, note that the strongest trend exists on the 50 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 20, 50, 100 and 200 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 49 pips (0.67%) since yesterday (opening today near 0.71584), marking the 2nd day in a row it has gone down. Relative to other instruments in the Forex asset class, AUDUSD ranked 34th yesterday in terms of percentage price change. Here is a price chart of AUDUSD.

AUDUSD

AUDUSD Technical Analysis

Moving average crossovers are always interesting, so let’s start there: AUDUSD crossed below its 20 day moving average 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 20 day average, which is 7.3 pips away. It should be noted, though, the 50 day simple moving average turned downwards, which may be a bearish sign. 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 30 day timeframe. Or to simplify this another way, note that out of the past 30 days AUDUSD’s price has gone up 15 them.