EURAUD Down 0 Pips Over Past Hour, Moves Up For the 2nd Straight Day; Breaks Above 50 Day Average

Hourly Update

(Last Updated April 8, 2021 3:18 GMT)

At the time of this writing, EURAUD’s rate is down 0 pips (0%) from the hour prior. This is a reversal of the price action on the previous hour, in which price moved up. Regarding the trend, note that the strongest trend exists on the 50 hour timeframe. Price action traders may also wish to note that we see a pin bar 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 bearishness in price, as the 20, 50, 100 and 200 are all in a bearish alignment — meaning the shorter duration moving averages are below the longer duration averages, implying a stable downward trend.

EURAUD End of Day Recap

Updated 00:30 GMT (04:30 EST)

EURAUD is up 100 pips (0.65%) since the day prior (opening today near 1.55932), marking the 2nd straight day an upward move has occurred. Relative to other instruments in the Forex asset class, EURAUD ranked 2nd the day prior in terms of percentage price change. Let’s take a look at price chart of EURAUD.

EURAUD

EURAUD Technical Analysis

Notably, EURAUD crossed above its 50 day moving average yesterday. 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. Or to simplify this another way, note that out of the past 30 days EURAUD’s price has gone up 16 them.