AUD/USD Up 7 Pips Over Past Hour, Entered Today Down For the 4th Consecutive Day; in a Downtrend Over Past 90 Days

Hourly Update

(Last Updated November 2, 2022 1:36 GMT)

Currently, AUDUSD’s rate is up 7 pips (0.11%) from the hour prior. This move is a reversal from the hour prior, which saw price move down. If you’re a trend trader, consider that the strongest clear trend on the hourly chart exists on the 100 hour timeframe. The moving averages on the hourly timeframe suggest a choppiness in price, as the 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 13 pips (0.2%) since the day prior (opening today near 0.63948), marking the 4th consecutive day it has gone down. Out of the 39 instruments in the Forex asset class, AUDUSD ended up ranking 22nd for the day in terms of price change. Let’s take a look at price chart of AUDUSD.

AUDUSD

AUDUSD Technical Analysis

The first thing we should note is that AUDUSD is now close to its 20 day moving averages, which may act as price barrier for the asset. Trend traders will want to observe that the strongest trend appears on the 90 day horizon; over that time period, price has been moving down. Interestingly, a trend in the other direction exists on the 14 day timeframe, where price is headed up. For additional context, note that price has gone down 17 out of the past 30 days. Oh, and one last thing: if you trade off of candlesticks, note that we’re seeing pin bar pattern appearing here.