(Last Updated August 4, 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:
If we observe the 90 and 30 day timeframes, we see an uptrend in place for AUDUSD.
The moving averages on AUDUSD indicate a trend that is clearly bullish.
Below is a chart showing AUDUSD’s price with its moving averages.
As for assets in the Forex asset class AUDUSD has been correlated to over the past week, it has demonstrated the strongest correlation with TRYJPY. If we zoom out to a two week basis, though, the asset showing the strongest correlation to AUDUSD is USDNOK. Alternatively, GBPUSD has been the asset least correlated with AUDUSD — but over the past two weeks, the asset least correlated with AUDUSD has been AUDJPY. See the chart below to observe the recent price action in AUDUSD versus those of assets it hasn’t been well correlated with.
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At the moment, AUDUSD’s rate is down -0.0028 (-0.39%) from the week prior. It’s been a feast for bulls operating on the weekly timeframe, as AUDUSD has now gone up 4 of the past 5 weeks. If you’re a trend trader, consider that the strongest clear trend on the weekly chart exists on the 10 week timeframe. Looking further out, the moving averages on the weekly timeframe suggest a bullishness in price, as the 20 and 50 are all in a bullish alignment — meaning the shorter durations are above the longer duration averages, implying a sound upward trend. AUDUSD’s weekly price action over the past 52 weeks can be seen via the chart below.
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.
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 20 day average, which is 64.5 pips away.
This imputes a buy/sell ratio of 1.06, which is neutral.
This imputes a buy/sell ratio of 0.52, which is bearish.
This imputes a buy/sell ratio of 0.33, which is bearish.
The closest is the 20 day average, which is 55.5 pips away.
As for the rationale, technical traders seem to be citing the appearance of a wedge technical pattern.
Trend traders will want to observe that the strongest trend appears on the 90 day horizon; over that time period, price has been moving up.
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.