AUDUSD Up 0 Pips On Hourly Chart, 4 Day Up Streak Ended; in a Downtrend Over Past 30 Days

Hourly Update

(Last Updated October 6, 2021 10:13 GMT)

At the time of this writing, AUDUSD’s rate is up 0 pips (0.01%) 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. As for the trend on the hourly timeframe, we see the clearest trend 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 20 and 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)

A moment of silence, please, for the end of AUDUSD’s 4 day up streak; price ended yesterday down 1 pips (-0.02%) to finish the day at a rate of 0.72874. Compared to its peers in the Forex, AUDUSD gave its buyers a return that ranked 25th in terms of percentage change since yesterday. Let’s take a look at price chart of AUDUSD.

AUDUSD

AUDUSD Technical Analysis

The first thing we should note is that the current price of AUDUSD is sitting close to its 20, 50 and 100 day moving averages; moving average crosses often indicate a change in momentum, so this may be worth keeping an eye on. 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 30 day horizon; over that time period, price has been moving down. Or to simplify this another way, note that out of the past 30 days AUDUSD’s price has gone up 15 them.