AUD/USD Down 45 Pips in Last 4 Hours, Came Into Today Up For the 2nd Day In A Row; Pin Bar Pattern Appearing on Chart

AUD/USD 4 Hour Price Update

Updated May 15, 2020 01:07 PM GMT (09:07 AM EST)

The choppiness in the recent four-hour candle price action of AUD/USD continues; to start the current 4 hour candle, it came in at a price of 0.6421, down 45 pips (0.7%) since the last 4 hour candle. Out of the 37 instruments in the Forex asset class, AUD/USD ended up ranking 35th 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 8 pips (0.12%) since yesterday (opening today near 0.64682), marking the 2nd day in a row an increase has occurred. Out of the 40 instruments in the Forex asset class, AUD/USD ended up ranking 12th for the day in terms of price change. Here is a price chart of AUD/USD.

AUD/USD Technical Analysis

The first thing we should note is that AUD/USD is now close to its 20 and 100 day averages, located at 0.6458 and 0.6437 respectively, and thus may be at a key juncture along those timeframes. 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 10.5 pips away. The clearest trend exists on the 30 day timeframe, which shows price moving up over that time. Or to simplify this another way, note that out of the past 14 days AUD/USD’s price has gone up 7 them. Oh, and one last thing: if you trade off of candlesticks, note that we’re seeing pin bar pattern appearing here.

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 18 sell signals. This imputes a buy/sell ratio of 0.89, which is neutral. As for the rationale, technical traders seem to be citing the appearance of a triangle technical pattern. Here’s a piece we found on tradingview.com; below is a short snippet from it to give you a taste.

As this triangle is new we expect price to be ranging between lines at least couple of times before breaking out to either direction….BUY @ 0.64532TP1 – 0.65032TP2 – 0.65532SL – 0.64032Let us know in comments what do you think about this idea and it would be nice if you could hit that follow button here and on Twitter….That would help our channel grow and we could see more ideas and signals.