EURAUD Down 5 Pips On Hourly Chart, in a Downtrend Over Past 90 Days; Price Base in Formation Over Past 14 Days

Hourly Update

(Last Updated April 5, 2021 2:17 GMT)

Currently, EURAUD’s rate is down -5 pips (-0.03%) from the hour prior. This is the 2nd straight hour EURAUD has seen its price head 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 100 hour moving average, resulting in them with price now being below it. 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.

EURAUD End of Day Recap

Updated 00:30 GMT (04:30 EST)

The back and forth price flow continues for EURAUD, which started today off at 1.545, up 5 pips 0.03% from the day prior. Relative to other instruments in the Forex asset class, EURAUD ranked 5th the day prior in terms of percentage price change. Let’s take a look at 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 1.5427, 1.5518 and 1.5769 respectively, and thus may be at a key juncture along those timeframes. Trend traders will want to observe that the strongest trend appears on the 90 day horizon; over that time period, price has been moving down. Also of note is that on a 14 day basis price appears to be forming a base — which could the stage for it being a support/resistance level going forward. For additional context, note that price has gone up 10 out of the past 14 days. And for candlestick traders, a special treat: there is a doji pattern showing up on the charts as well. Rejoice!