(Last Updated September 14, 2020 23:13 GMT)
Currently, AUDUSD’s rate is up 2 pips (0.03%) from the hour prior. This move is a reversal from the hour prior, which saw price move down. Regarding the trend, note that the strongest trend exists on the 100 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 0.72817, up 25 pips 0.34% from the previous day. Relative to other instruments in the Forex asset class, AUDUSD ranked 4th the previous day in terms of percentage price change. Below is a price chart of AUDUSD.
AUDUSD Technical Analysis
Coming into today AUDUSD is now close to its 20 and 50 day moving averages, which may act as price barrier for the asset. The clearest trend exists on the 90 day timeframe, which shows price moving up over that time. 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. For additional context, note that price has gone down 6 out of the past 10 days.
The View From Around the Web
We’re seeing some traders come out with interesting conviction on AUDUSD, with 12 buy signals on our radar and 10 sell signals. This imputes a buy/sell ratio of 1.2, which is neutral. As for the rationale, technical traders seem to be citing the appearance of a channel technical pattern. Here’s a piece we found on tradingview.com; below is a short snippet from it to give you a taste.
Quite bullish momentum (upward channel, bullish RSI/MACD, bounced off channel support). Likely to go up if it breaks the downward trend line (D)Target price around 0.74. Could go up even higher.