AUD/USD Up 86 Pips On 4 Hour Chart, 9 Day Down Streak Broken; in a Downtrend Over Past 14 Days

AUD/USD 4 Hour Price Update

Updated March 24, 2020 03:15 AM GMT (11:15 PM EST)

AUD/USD is up 86 pips (1.49%) since the previous 4 hours (opening the current 4 hour candle near 0.5876), marking the 3rd candle in a row an increase has occurred. For context, observe that the previous 4 hours were noteworthy in the sense that AUD/USD bested all 36 of the assets in the Forex class.

AUD/USD Daily New York Session Recap

Updated 21:00 GMT (17:00 EST)

AUD/USD, which opened today’s post-New York session priced near 0.58059, is up 63 pips 1.1% since yesterday’s New York session, marking a reversal from the day prior — and the end of a 9 day negative run. The price move occurred on stronger volume, as measured by the number of tick price changes; specifically, yesterday’s volume was up 0.41% from the day prior, and up 143.69% from the same day the week before. Compared to its peers in the Forex, AUD/USD gave its buyers a return that ranked 9th in terms of percentage change since yesterday’s New York session. Let’s take a look at price chart of AUD/USD.

AUD/USD Technical Analysis

Trend traders will want to observe that the strongest trend appears on the 14 day horizon; over that time period, price has been moving down. Or to simplify this another way, note that out of the past 10 days AUD/USD’s price has gone down 9 them.

The View From Around the Web

Of note is that traders in aggregate have opinions on AUDUSD, with 12 buy signals on our radar and 21 sell signals. This imputes a buy/sell ratio of 0.57, which is bearish. As for the rationale, technical traders seem to be citing the appearance of a channel technical pattern. Here’s a piece we found on; below is a short snippet from it to give you a taste.

This is an educational post….We have here beautiful lrice action on the audusd 4 hour chart….As you can see price broke through descending trendline and made a retest of that broken trendline which was also aligned with horizontal support area and 61.8% fib retracement.