EURAUD Down 15 Pips On Hourly Chart, Makes Big Move Relative to Two Week Trend; Breaks Below 20 and 50 Day Averages

Hourly Update

(Last Updated May 6, 2021 3:17 GMT)

Currently, EURAUD’s rate is down -15 pips (-0.09%) from the hour prior. This move is a reversal from the hour prior, which saw price move up. If you’re a trend trader, consider that the strongest clear trend on the hourly chart exists on the 50 hour timeframe. 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 choppiness in the recent daily price action of EURAUD continues; to start today, it came in at a price of 1.54933, down 84 pips (0.54%) since the previous day. Relative to other instruments in the Forex asset class, EURAUD ranked 36th the previous day in terms of percentage price change. Here is a price chart of EURAUD.

EURAUD

EURAUD Technical Analysis

First things first: EURAUD crossed below its 20 and 50 day moving averages yesterday. 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 50 day average, which is 1.4 pips away. It should be noted, though, the 50 day simple moving average turned downwards, which may be a bearish sign. For additional context, note that price has gone up 7 out of the past 14 days.