AUDUSD Down 1 Pips in Last Hour, Entered Today Down For the 2nd Consecutive Day; Nears 20, 50 and 100 Day Moving Averages

Hourly Update

(Last Updated May 28, 2021 1:15 GMT)

At the moment, AUDUSD’s rate is down -1 pips (-0.02%) 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. If you’re a trend trader, consider that the strongest clear trend on the hourly chart exists on the 50 hour timeframe. Of note is that the 20 hour changed directions on AUDUSD; it is now pointing down. The moving averages on the hourly timeframe suggest a choppiness in price, as the 20, 50, 100 and 200 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)

AUDUSD is down 10 pips (0.13%) since the previous day (opening today near 0.77392), marking the 2nd consecutive day it has gone down. Out of the 39 instruments in the Forex asset class, AUDUSD ended up ranking 26th for the day in terms of price change. Here is a price chart of AUDUSD.

AUDUSD

AUDUSD Technical Analysis

Notably, the current price of AUDUSD is sitting close to its 20, 50, 100 and 200 day moving averages; moving average crosses often indicate a change in momentum, so this may be worth keeping an eye on. 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 100 day average, which is 12.1 pips away. It should be noted, though, the 20 day simple moving average turned downwards, which may be a bearish sign. Also of note is that on the 30 and 90 day bases price appears to be forming a base — which could the stage for it being a support/resistance level going forward. For additional context, note that price has gone up 5 out of the past 10 days. And for candlestick traders, a special treat: there is a pin bar pattern showing up on the charts as well. Rejoice!