AUDUSD Up 1 Pips On Hourly Chart, Price Base in Formation Over Past 90 Days; Pin Bar Pattern Appearing on Chart – CFD Trading

Hourly Update

(Last Updated April 12, 2021 2:14 GMT)

Currently, AUDUSD’s rate is down -5 pips (-0.07%) from the hour prior. It’s been a feast for bears operating on an hourly timeframe, as AUDUSD has now gone down 4 of the past 5 hours. If you’re a trader with a preference for rangebound markets, you may wish to note that there isn’t a clear trend on the 20, 50 and 100 hour timeframes. Price action traders may also wish to note that we see a doji candlestick pattern on AUDUSD. 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 moving averages on the hourly timeframe suggest a choppiness in price, as the 20, 50, 100 and 200 are all in a mixed alignment — meaning the trend across timeframes is inconsistent, indicating a potential opportunity for rangebound traders.

AUDUSD End of Day Recap

Updated 00:30 GMT (04:30 EST)

The back and forth price flow continues for AUDUSD, which started today off at 0.76263, up 7 pips 0.09% from yesterday. Out of the 39 instruments in the Forex asset class, AUDUSD ended up ranking 14th for the day in terms of price change. Let’s take a look at price chart of AUDUSD.

AUDUSD

AUDUSD Technical Analysis

The first thing we should note is that the current price of AUDUSD is sitting close to its 20, 50, 100 and 200 day moving averages; moving average crosses often indicate a change in momentum, so this may be worth keeping an eye on. 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 13.6 pips away. Volatility for AUDUSD has been contracting over the past two weeks relative to volatility over the past month. Whether volatility reverts will be something to watch. The clearest trend exists on the 30 day timeframe, which shows price moving down over that time. Or to simplify this another way, note that out of the past 10 days AUDUSD’s price has gone up 6 them.

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