AUDUSD Up 13 Pips On Hourly Chart, Breaks Above 20 and 100 Day Averages; in an Uptrend Over Past 30 Days

Hourly Update

(Last Updated May 6, 2021 3:15 GMT)

Currently, AUDUSD’s rate is up 13 pips (0.17%) from the hour prior. This move is a reversal from the hour prior, which saw price move down. If you’re a trend trader, consider that the strongest clear trend on the hourly chart exists on the 50 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. Most noteworthy in the world of moving averages on the hourly chart is that the 200 hour moving average has been crossed, with price now being above it. 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)

The choppiness in the recent daily price action of AUDUSD continues; to start today, it came in at a price of 0.77493, up 37 pips (0.48%) since the previous day. Out of the 39 instruments in the Forex asset class, AUDUSD ended up ranking 6th for the day in terms of price change. Below is a price chart of AUDUSD.

AUDUSD

AUDUSD Technical Analysis

Moving average crossovers are always interesting, so let’s start there: AUDUSD crossed above its 20 and 100 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 20 day average, which is 8.9 pips away. It should be noted, though, the 50 day simple moving average turned upwards, which may be a bullish sign. The clearest trend exists on the 30 day timeframe, which shows price moving up over that time. Also of note is that on the 14 and 90 day bases 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. Oh, and one last thing: if you trade off of candlesticks, note that we’re seeing pin bar pattern appearing here.