EURAUD Down 1 Pips On Hourly Chart, Makes Big Move Relative to Two Week Trend; in a Downtrend Over Past 30 Days

Hourly Update

(Last Updated September 17, 2020 23:15 GMT)

Currently, EURAUD’s rate is down -1 pips (-0.01%) from the hour prior. It’s been a feast for bears operating on an hourly timeframe, as EURAUD has now gone down 4 of the past 5 hours. Regarding the trend, note that the strongest trend exists on the 100 hour timeframe. Price action traders may also wish to note that we see a doji candlestick pattern on EURAUD. Given that we see an uptrend on the 20 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.

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 1.62231, down 52 pips 0.32% from the day prior. Compared to its peers in the Forex, EURAUD gave its buyers a return that ranked 34th in terms of percentage change since the day prior. Here is a price chart of EURAUD.

EURAUD

EURAUD Technical Analysis

Coming into today EURAUD is now close to its 20, 50, 100 and 200 day averages, located at 1.6296, 1.6349, 1.6421 and 1.6606 respectively, and thus may be at a key juncture along those timeframes. Volatility for EURAUD has been contracting over the past two weeks relative to volatility over the past month. Whether volatility reverts will be something to watch. Trend traders will want to observe that the strongest trend appears on the 30 day horizon; over that time period, price has been moving down. For additional context, note that price has gone up 5 out of the past 10 days.

The View From Around the Web

Of note is that traders in aggregate have opinions on EURAUD, with 19 buy signals on our radar and 9 sell signals. This imputes a buy/sell ratio of 2.11, which is bullish. As for the rationale, technical traders seem to be citing the appearance of a trendline technical pattern. Here’s a piece we found on tradingview.com; below is a short snippet from it to give you a taste.

The is major support level that has failed to be broken….Price has been rejected with a long wick, a nice indicator to go long….But at the same time a triangle pattern is forming up.


Forex Frank is a forex analyst and market commentator with nearly two decades of experience in currency trading. Follow him on social media: Facebook | Twitter | Instagram