With that said, traders should also note the downtrend on the 20 hourly candle timeframe, so the meaning of the candles may require further exploration.
Volatility for audusd has been contracting over the past two weeks relative to volatility over the past month.
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.
It’s been a feast for bears operating on an hourly timeframe, as audusd has now gone down 4 of the past 5 hours.
Interestingly, a trend in the other direction exists on the 90 day timeframe, where price is headed down.
If you’re a trend trader, consider that the strongest clear trend on the hourly chart exists on the 50 hour timeframe.
Price action traders may also wish to note that we see a pin bar candlestick pattern on audusd.