AUD/USD Up 1 Pips Over Past Hour; Entered Today Up For the 3rd Consecutive Day

Hourly Update

(Last Updated July 19, 2022 1:35 GMT)

At the moment, AUDUSD’s rate is up 1 pips (0.02%) from the hour prior. AUDUSD has seen its price go down 4 out of the past 5 hours, thus creating some compelling opportunities for bears. If you’re a trend trader, consider that the strongest clear trend on the hourly chart exists on the 100 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 10 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 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 16 pips (0.23%) since yesterday (opening today near 0.68081), marking the 3rd consecutive day an upward move has occurred. Out of the 39 instruments in the Forex asset class, AUDUSD ended up ranking 18th for the day in terms of price change. The price chart of AUDUSD below illustrates.

AUDUSD

AUDUSD Technical Analysis

The first thing we should note is that AUDUSD is now close to its 20 and 50 day averages, located at 0.6843 and 0.6974 respectively, and thus may be at a key juncture along those timeframes. Volatility for AUDUSD has been contracting over the past two weeks relative to volatility over the past month. Whether volatility reverts will be something to watch. Trend traders will want to observe that the strongest trend appears on the 90 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 AUDUSD’s price has gone up 6 them.