AUD/USD Down 16 Pips in Last 4 Hours; 4 Day Up Streak Snapped

AUD/USD 4 Hour Price Update

Updated May 21, 2020 05:06 PM GMT (01:06 PM EST)

The back and forth price flow continues for AUD/USD, which started the current 4 hour candle off at 0.6561, down 16 pips 0.24% from the previous 4 hours. Compared to its peers in the Forex, AUD/USD gave its buyers a return that ranked 29th in terms of percentage change since the previous 4 hours.

AUD/USD End of Day Recap

Updated 00:30 GMT (04:30 EST)

After 4 up days, AUD/USD snaps its streak, falling 8 pips (-0.12%) over the past day to close at an exchange rate of 0.65889. Compared to its peers in the Forex, AUD/USD gave its buyers a return that ranked 37th in terms of percentage change since the previous day. The price chart of AUD/USD below illustrates.

AUD/USD Technical Analysis

Coming into today AUD/USD is now close to its 20 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 200 day average, which is 47.6 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 up. Or to simplify this another way, note that out of the past 10 days AUD/USD’s price has gone up 5 them.

The View From Around the Web

Of note is that traders in aggregate have opinions on AUDUSD, with 6 buy signals on our radar and 13 sell signals. This imputes a buy/sell ratio of 0.46, which is bearish. As for the rationale, technical traders seem to be citing the appearance of a fibonacci technical pattern. Here’s a piece we found on tradingview.com; below is a short snippet from it to give you a taste.

Bat pattern is, so far, forming nicely and as anticipated. The AB leg completed at 0.65955 . I am now forcasting price will start moving back down to complete the CD leg somewhere in the vacinity of 0.65484.