AUD/USD 4 Hour Price Update
Updated July 29, 2020 01:12 AM GMT (09:12 PM EST)
AUD/USD entered the current 4 hour candle at 0.7161, up 6 pips (0.08%) from the previous 4 hours. Out of the 37 instruments in the Forex asset class, AUD/USD ended up ranking 7th for the four-hour candle in terms of price change.
AUD/USD End of Day Recap
Updated 00:30 GMT (04:30 EST)
AUD/USD is up 6 pips (0.08%) since the previous day (opening today near 0.71601), marking the 5th day in a row an increase has occurred. Out of the 40 instruments in the Forex asset class, AUD/USD ended up ranking 14th for the day in terms of price change. The price chart of AUD/USD below illustrates.
AUD/USD Technical Analysis
The first thing we should note is that 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. 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 21 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 27 sell signals. This imputes a buy/sell ratio of 0.3, which is bearish. 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.
38 FIB TOUCHED, SMART MONEY CONFIRMATION, WAITING FOR STRUCTURE BREAKS AND VOLUME