EUR/AUD Down 16 Pips On Hourly Chart; Moves Down For the 2nd Consecutive Day

Hourly Update

(Last Updated May 13, 2022 1:39 GMT)

At the time of this writing, EURAUD’s rate is down -16 pips (-0.11%) 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. If you’re a trend trader, consider that the strongest clear trend on the hourly chart exists on the 100 hour timeframe. The moving averages on the hourly timeframe suggest a choppiness in price, as the 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 down 39 pips (0.26%) since yesterday (opening today near 1.51171), marking the 2nd consecutive day it has gone down. Relative to other instruments in the Forex asset class, EURAUD ranked 17th yesterday in terms of percentage price change. Let’s take a look at price chart of EURAUD.

EURAUD

EURAUD Technical Analysis

Coming into today the current price of EURAUD is sitting close to its 20, 50 and 100 day moving averages; moving average crosses often indicate a change in momentum, so this may be worth keeping an eye on. 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 100 day average, which is 176.3 pips away. It should be noted, though, the 50 day simple moving average turned upwards, which may be a bullish sign. The clearest trend exists on the 90 day timeframe, which shows price moving down over that time. It should be noted, though, that a trend in the opposite direction, going up, exists on the 30 day timeframe. For additional context, note that price has gone up 5 out of the past 10 days.