AUDUSD Up 5 Pips Over Past Hour, Makes Big Move Relative to Two Week Trend; Price Base in Formation Over Past 90 Days

Hourly Update

(Last Updated June 2, 2021 2:15 GMT)

Currently, AUDUSD’s rate is up 5 pips (0.07%) from the hour prior. The hourly chart shows that AUDUSD has seen 2 straight up hours. If you’re a trend trader, consider that the strongest clear trend on the hourly chart exists on the 50 hour timeframe. Of note is that the 20 hour changed directions on AUDUSD; it is now pointing up. 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 up 5 pips (0.07%) since the previous day (opening today near 0.77511), marking the 3rd straight day it has gone up. Relative to other instruments in the Forex asset class, AUDUSD ranked 13th the previous day in terms of percentage price change. Let’s take a look at price chart of AUDUSD.

AUDUSD

AUDUSD Technical Analysis

Coming into today AUDUSD is now close to its 20, 50, 100 and 200 day averages, located at 0.7756, 0.7737, 0.7732 and 0.7583 respectively, and thus may be at a key juncture along those timeframes. Also of note is that on a 90 day basis price appears to be forming a base — which could the stage for it being a support/resistance level going forward. For additional context, note that price has gone up 6 out of the past 10 days.