EURAUD Up 8 Pips On Hourly Chart, in a Downtrend Over Past 14 Days; Social Sentiment Biased Towards Buying

Hourly Update

(Last Updated November 12, 2020 1:16 GMT)

At the time of this writing, EURAUD’s rate is up 8 pips (0.05%) from the hour prior. This is a reversal of the price action on the previous hour, in which price moved down. If you’re a trend trader, consider that the strongest clear trend on the hourly chart exists on the 100 hour timeframe. Regarding moving averages, it should first be noted that price has crossed the 20 hour moving average, resulting in them so that price is now turning above it. The moving averages on the hourly timeframe suggest a bullishness in price, as the 20, 50, 100 and 200 are all in a bullish alignment — meaning the shorter durations are above the longer duration averages, implying a sound upward trend.

EURAUD End of Day Recap

Updated 00:30 GMT (04:30 EST)

EURAUD entered today at 1.62125, down 1 pips (0%) from yesterday. Relative to other instruments in the Forex asset class, EURAUD ranked 24th yesterday in terms of percentage price change. Below is a price chart of EURAUD.

EURAUD

EURAUD Technical Analysis

Coming into today EURAUD is now close to its 20, 50 and 100 day averages, located at 1.649, 1.6399 and 1.6377 respectively, and thus may be at a key juncture along those timeframes. 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 100 day average, which is 164.6 pips away. Trend traders will want to observe that the strongest trend appears on the 14 day horizon; over that time period, price has been moving down. Also of note is that on a 30 day basis price appears to be forming a base — which could the stage for it being a support/resistance level going forward. Or to simplify this another way, note that out of the past 30 days EURAUD’s price has gone down 16 them. Also, candlestick traders! Note we see pin bar pattern appearing here as well.