EURAUD Down 17 Pips in Last Hour, Came Into Today Up For the 2nd Consecutive Day; Breaks Above 50 and 100 Day Averages

Hourly Update

(Last Updated October 6, 2020 15:15 GMT)

Currently, EURAUD’s rate is down -17 pips (-0.1%) from the hour prior. The hourly chart shows that EURAUD has seen 2 straight down hours. As for the trend on the hourly timeframe, we see the clearest trend on the 20 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)

EURAUD is up 49 pips (0.3%) since yesterday (opening today near 1.63995), marking the 2nd consecutive day an increase has occurred. Compared to its peers in the Forex, EURAUD gave its buyers a return that ranked 14th in terms of percentage change since yesterday. Here is a price chart of EURAUD.

EURAUD

EURAUD Technical Analysis

Moving average crossovers are always interesting, so let’s start there: EURAUD crossed above its 50 and 100 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 30.3 pips away. The clearest trend exists on the 30 day timeframe, which shows price moving up over that time. For additional context, note that price has gone up 5 out of the past 10 days.

The View From Around the Web

We’re seeing some traders come out with interesting conviction on EURAUD, with 17 buy signals on our radar and 7 sell signals. This imputes a buy/sell ratio of 2.43, which is bullish. As for the rationale, technical traders seem to be citing the appearance of divergence, trendline and triangle technical patterns. Here’s a piece we found on tradingview.com; below is a short snippet from it to give you a taste.

Hello Fellow TradersEURAUD is in the middle of intersection between Bullish and Bearish….From Timeframe Daily, EURAUD already form Wave E and the trend is bearish, buton lower Timeframe, it is in Expanding Triangle where subwave E is forming….Although that this wave will be bearish, there could be more room for EURAUD to go bull beforemaking a clear move towards bearish FX:EURAUD