AUDUSD Up 2 Pips Over Past Hour, Moves Up For the 4th Straight Day; Price Base in Formation Over Past 14 Days

Hourly Update

(Last Updated February 11, 2021 1:16 GMT)

At the moment, AUDUSD’s rate is up 2 pips (0.02%) from the hour prior. AUDUSD has seen its price go up 4 out of the past 5 hours, thus creating some compelling opportunities for bulls. As for the trend on the hourly timeframe, we see the clearest trend on the 20 hour timeframe. Price action traders may also wish to note that we see a doji 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 bearishness in price, as the 20, 50, 100 and 200 are all in a bearish alignment — meaning the shorter duration moving averages are below the longer duration averages, implying a stable downward trend.

AUDUSD End of Day Recap

Updated 00:30 GMT (04:30 EST)

AUDUSD is up 37 pips (0.49%) since yesterday (opening today near 0.77411), marking the 4th straight day an increase has occurred. Out of the 39 instruments in the Forex asset class, AUDUSD ended up ranking 3rd for the day in terms of price change. The price chart of AUDUSD below illustrates.


AUDUSD Technical Analysis

Coming into today AUDUSD is now close to its 20 and 50 day averages, located at 0.7684 and 0.7667 respectively, and thus may be at a key juncture along those timeframes. Trend traders will want to observe that the strongest trend appears on the 90 day horizon; over that time period, price has been moving up. It should be noted, though, that a trend in the opposite direction, going down, exists on the 30 day timeframe. Also of note is that on a 14 day basis price appears to be forming a base — which could the stage for it being a support/resistance level going forward. Or to simplify this another way, note that out of the past 14 days AUDUSD’s price has gone up 8 them.