The AUDUSD has a recovery day

Down 5 of the last 6 days. Today is an up day.

The AUDUSD has closed lower in 5 of the last 6 trading days. Today, however, the price is moving higher.  The close from yesterday reached 0.66113. The current price is at 0.6634, up 21 pips on the day. 

Looking at the daily chart, the AUDUSD fell below lows from 2019 and earlier this month.  

Those lows come in at:

  • 0.66767. The low from August 2019
  • 0.6670.  The low from October 2019
  • 0.66617. The low from earlier this month at 0.66617. 

The lows this month took the price to the lowest levels since March 2009. That is a long time ago.

On the daily chart, the underside of a a broken trend line currently comes in at 0.6644. A move above that level would lessen some of the bearish bias. 

Above that, getting back above the low for 2020 at 0.66617, and then the lows from 2019 at 0.6670 – 767, would also ease some of the bearish bias.  

Drilling to the hourly chart, the price since the corrective high on February 11 at 0.67495, has seen the price move down to a low today at 0.6585.  This week the price high on Wednesday stalled against its 200 and 100 hour moving averages near the 0.67068 level. Not being able to get above those moving averages, gave sellers to go ahead to push lower. 

On a move higher from here, a lower trend line cuts across at 0.6639. Getting above that level will have traders targeting the falling 100 hour moving average currently at 0.66617. That level happens to also be the old swing low from 2020 before the sharp fall in trading yesterday. 

AUDUSD on the hourly