AUD/USD Up 10 Pips On 4 Hour Chart, Moves Up For the 6th Day In A Row; Pin Bar Pattern Appearing on Chart

AUD/USD 4 Hour Price Update

Updated July 23, 2020 09:22 AM GMT (05:22 AM EST)

AUD/USD is up 10 pips (0.14%) since the last 4 hour candle (opening the current 4 hour candle near 0.7155), marking the 2nd candle in a row an increase has occurred. Compared to its peers in the Forex, AUD/USD gave its buyers a return that ranked 8th in terms of percentage change since the last 4 hour candle.

AUD/USD End of Day Recap

Updated 00:30 GMT (04:30 EST)

AUD/USD is up 1 pips (0.01%) since the day prior (opening today near 0.71407), marking the 6th day in a row an increase has occurred. Relative to other instruments in the Forex asset class, AUD/USD ranked 19th the day prior in terms of percentage price change. Here is a price chart of AUD/USD.

AUD/USD Technical Analysis

Coming into today the current price of AUD/USD is sitting close to its 20 day moving averages; moving average crosses often indicate a change in momentum, so this may be worth keeping an eye on. 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 152.2 pips away. 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. Or to simplify this another way, note that out of the past 30 days AUD/USD’s price has gone up 20 them. Also, candlestick traders! Note we see pin bar pattern appearing here as well.

The View From Around the Web

We’re seeing some traders come out with interesting conviction on AUDUSD, with 8 buy signals on our radar and 12 sell signals. This imputes a buy/sell ratio of 0.67, which is bearish. As for the rationale, technical traders seem to be citing the appearance of a channel 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 large falling channel. And now the price has approached the strong resistance line.I recommend selling from this resistance line. Target – level 0.668