AUD/USD Up 28 Pips; in a Downtrend Over Past 30 Days

AUD/USD Price Recap

AUD/USD is up 28 pips (0.42%) since yesterday (with its current price near 0.67142), marking the 2nd day in a row it has gone up. This move happened on fewer tick price changes which may be a proxy for volume, as yesterday’s total tick count was down 14.71% from the day before — and down 25.51% from the same day the week before. Relative to other instruments in the Forex asset class, AUD/USD ranked 3rd yesterday in terms of percentage price change. Below is a price chart of AUD/USD.

AUD/USD Technical Analysis

Coming into today AUD/USD is now close to its 20, 50, 100 and 200 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 64.1 pips away. 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 14 days AUD/USD’s price has gone up 7 them.

The View From Around the Web

We’re seeing some traders come out with interesting conviction on AUDUSD, with 16 buy signals on our radar and 12 sell signals. This imputes a buy/sell ratio of 1.33, which is bullish. 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.

Trading this pair can be tricky right now. Sell near the trendline for a +20/60 Pips