EUR/AUD Down 28 Pips On Hourly Chart, Sentiment Strongly Favors Buyers; Eyes 50 and 100 Day Averages

Hourly Update

(Last Updated November 13, 2020 1:29 GMT)

At the moment, EURAUD’s rate is down -0.0028 (-0.17%) from the hour prior. This move is a reversal from the hour prior, which saw price move up. Regarding the trend, note that the strongest trend exists on the 100 hour timeframe. Price action traders may also wish to note that we see a doji candlestick pattern on EURAUD. Given that we see an uptrend on the 20 and 10 hourly candle timeframe, and that such candlestick patterns often denote reversals, this may be worth noting. Most noteworthy in the world of moving averages on the hourly chart is that the 200 hour moving average has been crossed, so that price is now turning below 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)

EURAUD entered today at 1.63204, up 146 pips (0.9%) from the day prior. Out of the 40 instruments in the Forex asset class, EURAUD ended up ranking 4th for the day in terms of price change. The price chart of EURAUD below illustrates.

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 1.647, 1.64, 1.6375 and 1.6658 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 55 pips away. It should be noted, though, the 100 and 200 day simple moving averages turned upwards, which may be a bullish sign. Trend traders will want to observe that the strongest trend appears on the 14 day horizon; over that time period, price has been moving down. Or to simplify this another way, note that out of the past 10 days EURAUD’s price has gone down 7 them.

The View From Around the Web

Of note is that traders in aggregate have opinions on EURAUD, with 36 buy signals on our radar and 4 sell signals. This imputes a buy/sell ratio of 9, which is very bullish. As for the rationale, technical traders seem to be citing the appearance of divergence and relative strength index technical patterns. Here’s a piece we found on tradingview.com that we thought you might enjoy.