(Last Updated September 10, 2020 16:15 GMT)
At the moment, EURAUD’s rate is up 24 pips (0.15%) from the hour prior. This is a reversal of the price action on the previous hour, in which price moved down. As for the trend on the hourly timeframe, we see the clearest trend on the 50 hour timeframe. Most noteworthy in the world of moving averages on the hourly chart is that the 50 hour moving average has been crossed, with price now being above 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 1.61962, down 121 pips 0.74% from the day prior. Out of the 40 instruments in the Forex asset class, EURAUD ended up ranking 32nd for the day in terms of price change. Below is a price chart of EURAUD.
EURAUD Technical Analysis
The first thing we should note is that EURAUD is now close to its 20, 50, 100 and 200 day averages, located at 1.6343, 1.6345, 1.6443 and 1.6605 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 30 day horizon; over that time period, price has been moving down. For additional context, note that price has gone down 6 out of the past 10 days.
The View From Around the Web
Of note is that traders in aggregate have opinions on EURAUD, with 29 buy signals on our radar and 6 sell signals. This imputes a buy/sell ratio of 4.83, which is bullish. As for the rationale, technical traders seem to be citing the appearance of a channel technical pattern. Here’s a piece we found on tradingview.com; below is a short snippet from it to give you a taste.
Fib retest after forming a swing high, then up to the -27.00% which correlates with a significant high around the 1.64200 zone. Momentum has shifted from bearish to bullish if you check higher timeframes such as the weekly.