(Last Updated October 5, 2020 16:23 GMT)
At the moment, EURAUD’s rate is down -0.0002 (-0.01%) from the hour prior. This is a reversal of the price action on the previous hour, in which price moved up. If you’re a trend trader, consider that the strongest clear trend on the hourly chart exists on the 100 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 10 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 bullishness in price, as the 20, 50, 100 and 200 are all in a bullish alignment — meaning the shorter durations are above the longer duration averages, implying a sound upward trend.
EURAUD End of Day Recap
Updated 00:30 GMT (04:30 EST)
A moment of silence, please, for the end of EURAUD’s 5 day down streak; price ended yesterday up 4 pips (0.03%) to finish the day at a rate of 1.63502. Compared to its peers in the Forex, EURAUD gave its buyers a return that ranked 14th in terms of percentage change since yesterday. Let’s take a look at price chart of EURAUD.
EURAUD Technical Analysis
Notably, EURAUD is now close to its 20, 50, 100 and 200 day averages, located at 1.6329, 1.637, 1.6367 and 1.6621 respectively, and thus may be at a key juncture along those timeframes. 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 16.9 pips away. It should be noted, though, the 50 day simple moving average turned downwards, which may be a bearish sign. Or to simplify this another way, note that out of the past 10 days EURAUD’s price has gone up 5 them. Also, candlestick traders! Note we see pin bar pattern appearing here as well.
The View From Around the Web
Of note is that traders in aggregate have opinions on EURAUD, with 21 buy signals on our radar and 8 sell signals. This imputes a buy/sell ratio of 2.62, 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.
as you can see price reached a strong support area which also is a lower line of ascending parallel channel too….Our target is around 1.65450 and our stop should be below support area, around 1.62750….If price breaks the support we can consider short move to lower support area.