AUDUSD Up 14 Pips in Last Hour, 2 Day Down Streak Broken; Price Base in Formation Over Past 90 Days

Hourly Update

(Last Updated May 3, 2021 2:15 GMT)

At the moment, AUDUSD’s rate is up 14 pips (0.17%) from the hour prior. AUDUSD has seen its price go up 5 out of the past 5 hours, thus creating some compelling opportunities for bulls. If you’re a trend trader, consider that the strongest clear trend on the hourly chart exists on the 20 hour timeframe. 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)

The back and forth price flow continues for AUDUSD, which started today off at 0.77168, up 6 pips 0.08% from yesterday. Relative to other instruments in the Forex asset class, AUDUSD ranked 15th yesterday in terms of percentage price change. The price chart of AUDUSD below illustrates.

AUDUSD

AUDUSD Technical Analysis

Coming into today AUDUSD is now close to its 20, 50 and 100 day averages, located at 0.7723, 0.7698 and 0.7719 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 100 day average, which is 2.4 pips away. It should be noted, though, the 50 and 100 day simple moving averages turned upwards, which may be a bullish sign. Volatility for AUDUSD has been contracting over the past two weeks relative to volatility over the past month. Whether volatility reverts will be something to watch. The clearest trend exists on the 30 day timeframe, which shows price moving up over that time. Price action traders in particular will want to note that the 90 day period appears to show price forming a base; this could indicate that a support/resistance level is developing. For additional context, note that price has gone up 6 out of the past 10 days.