AUDUSD Up 1 Pips Over Past Hour, in an Uptrend Over Past 90 Days; is Inching Close to 20 and 50 Day Averages

Hourly Update

(Last Updated October 6, 2020 15:13 GMT)

At the time of this writing, AUDUSD’s rate is up 1 pips (0.01%) from the hour prior. This is the 3rd consecutive hour AUDUSD has seen its price head up. As for the trend on the hourly timeframe, we see the clearest trend on the 20 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 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 entered today at 0.71785, up 18 pips (0.25%) from yesterday. Compared to its peers in the Forex, AUDUSD gave its buyers a return that ranked 15th in terms of percentage change since yesterday. Here is a price chart of AUDUSD.

AUDUSD

AUDUSD Technical Analysis

Coming into today AUDUSD is now close to its 20, 50 and 100 day moving averages, which may act as price barrier for the asset. 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 17.8 pips away. The clearest trend exists on the 90 day timeframe, which shows price moving up over that time. 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 14 days AUDUSD’s price has gone up 7 them.

The View From Around the Web

Of note is that traders in aggregate have opinions on AUDUSD, with 16 buy signals on our radar and 9 sell signals. This imputes a buy/sell ratio of 1.78, which is bullish. As for the rationale, technical traders seem to be citing the appearance of a double top technical pattern. Here’s a piece we found on tradingview.com; below is a short snippet from it to give you a taste.

AUDUSD is in a Ascending triangle pattern which has ussualy break to the upside, but a lot of the time can lead I am looking to either buy on the uptrend line or buy the break of 0.72100….If the price falls below 0.71400, the setup will be considered as invalid….Break buy – Buy break of 0.72100 and take profit below 0.72680Uptrend buy – Buy on the uptrend line and take profit at resistance There is a exaggerated bullish RSI divergence.