AUD/USD Up 3 Pips in Last Hour, 3 Day Up Streak Broken; Pin Bar Pattern Appearing on Chart

Hourly Update

(Last Updated November 10, 2022 1:45 GMT)

At the time of this writing, AUDUSD’s rate is up 3 pips (0.05%) from the hour prior. This is a reversal of the price action on the previous hour, in which price moved down. If you’re a trend trader, consider that the strongest clear trend on the hourly chart exists on the 100 hour timeframe. 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)

After 3 up days, AUDUSD snaps its streak, falling 81 pips (-1.24%) over the past day to close at an exchange rate of 0.64265. Relative to other instruments in the Forex asset class, AUDUSD ranked 35th yesterday in terms of percentage price change. The price chart of AUDUSD below illustrates.

AUDUSD

AUDUSD Technical Analysis

The first thing we should note is that the current price of AUDUSD is sitting close to its 20 and 50 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 90 day horizon; over that time period, price has been moving down. Price action traders in particular will want to note that the 30 day period appears to show price forming a base; this could indicate that a support/resistance level is developing. Or to simplify this another way, note that out of the past 30 days AUDUSD’s price has gone down 16 them. Oh, and one last thing: if you trade off of candlesticks, note that we’re seeing pin bar pattern appearing here.