(Last Updated October 28, 2020)
Hello! This is the news page for AUDUSD. Below you’ll find our daily market updates. Here’s a technical analysis summary of where things currently stand:
As for trends on AUDUSD, we’re seeing a downtrend on shorter timeframes — but an uptrend on the 90 day timeframe. As such, traders with short positions should be aware of the uptrend in place on the longer timeframes.
Nuances in the trend on AUDUSD can be understood by observing the behavior of its moving averages. Out of the moving averages we’re monitoring (20, 50, 100, and 200 days), all but the 50 are bullish, implying a upward trend, save for a drop that occurred about 7 weeks ago.
The chart below illustrates.
In terms of correlations over the past week for AUDUSD, it has been most correlated with NZDUSD. Over the past 14 days, however, the asset showing the strongest correlation to AUDUSD is AUDCAD. Alternatively, the asset least correlated with AUDUSD over the past week has been USDCNH, but if we observe the prior two weeks, USDZAR has been the asset least correlated with AUDUSD. The chart below illustrates AUDUSD against its least correlated assets.
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At the moment, AUDUSD’s rate is down -0.0005 (-0.07%) from the week prior. Moreover, note that this move is a reversal from the week prior, which saw price move up. As for the trend on the weekly timeframe, we see the clearest trend on the 20 week timeframe. Price action traders may also wish to note that we see a pin bar candlestick pattern on AUDUSD. Given that we see an uptrend on the 20 weekly candle timeframe, and that such candlestick patterns often denote reversals, this may be worth noting. Looking further out, the moving averages on the weekly timeframe suggest a bearishness in price, as the 20 and 50 are all in a bearish alignment — meaning the shorter duration moving averages are below the longer duration averages, implying a stable downward trend. AUDUSD’s weekly price action over the past 52 weeks can be seen via the chart below.
Clearest trend on the monthly is apparent at the 120 month timeframe.
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.
Given that we see downtrend on the 10 hourly candle timeframe, and that such candlestick patterns often denote reversals, this may be worth noting.
The closest is the 20 day average, which is 14.2 pips away.
This move is a reversal from the hour prior, which saw price move down.
Interestingly, a trend in the other direction exists on the 90 day timeframe, where price is headed up.
The closest is the 100 day average, which is 52.9 pips away.
Relative to other instruments in the forex asset class, audusd ranked 27th the day prior in terms of percentage price change.
It should be noted, though, that a trend in the opposite direction, going up, exists on the 90 day timeframe.
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.
Given that we see downtrend on the 5 hourly candle timeframe, and that such candlestick patterns often denote reversals, this may be worth noting.