AUD/USD Up 40 Pips On 4 Hour Chart, Eyes 100 Day Average; Doji and Pin Bar Patterns Appearing on Chart

AUD/USD 4 Hour Price Update

Updated May 18, 2020 05:08 PM GMT (01:08 PM EST)

AUD/USD is up 40 pips (0.62%) since the previous 4 hours (opening the current 4 hour candle near 0.6513), marking the 5th candle in a row an upward move has occurred. Compared to its peers in the Forex, AUD/USD gave its buyers a return that ranked 6th in terms of percentage change since the previous 4 hours.

AUD/USD End of Day Recap

Updated 00:30 GMT (04:30 EST)

AUD/USD is up 10 pips (0.16%) since the previous day (opening today near 0.64248), marking the 2nd day in a row an upward move has occurred. Compared to its peers in the Forex, AUD/USD gave its buyers a return that ranked 4th in terms of percentage change since the previous day. Here is a price chart of AUD/USD.

AUD/USD Technical Analysis

The first thing we should note is that AUD/USD is now close to its 20, 50 and 100 day averages, located at 0.6459, 0.6298 and 0.6428 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 3.6 pips away. 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 14 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 8 out of the past 14 days. And for candlestick traders, a special treat: there are doji and pin bar patterns showing up on the charts as well. Rejoice!

The View From Around the Web

Of note is that traders in aggregate have opinions on AUDUSD, with 13 buy signals on our radar and 20 sell signals. This imputes a buy/sell ratio of 0.65, which is bearish. As for the rationale, technical traders seem to be citing the appearance of a trendline technical pattern. Here’s a piece we found on tradingview.com; below is a short snippet from it to give you a taste.

AUD/USD has been bouncing between these OUTER TRENDLINES AND THE INNER TRENDLINES….Price has BROKEN through the INNER TRENDLINE but not the OUTER TRENDLINE….If you decide to take this trade it is YOUR TRADE!