(Last Updated September 18, 2020 23:15 GMT)
At the moment, EURAUD’s rate is up 3 pips (0.02%) from the hour prior. The hourly chart shows that EURAUD has seen 2 straight up hours. If you’re a trend trader, consider that the strongest clear trend on the hourly chart exists on the 50 hour timeframe. Regarding moving averages, it should first be noted that price has crossed the 200 hour moving average, resulting in them with price now being above 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)
The choppiness in the recent daily price action of EURAUD continues; to start today, it came in at a price of 1.6202, up 32 pips (0.2%) since the day prior. Compared to its peers in the Forex, EURAUD gave its buyers a return that ranked 11th in terms of percentage change since the day prior. Below is a price chart of EURAUD.
EURAUD Technical Analysis
Coming into today EURAUD is now close to its 20, 50, 100 and 200 day moving averages, which may act as price barrier for the asset. Volatility for EURAUD has been contracting over the past two weeks relative to volatility over the past month. Whether volatility reverts will be something to watch. Trend traders will want to observe that the strongest trend appears on the 30 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 6 them. And for candlestick traders, a special treat: there is a doji pattern showing up on the charts as well. Rejoice!
The View From Around the Web
Of note is that traders in aggregate have opinions on EURAUD, with 9 buy signals on our radar and 2 sell signals. This imputes a buy/sell ratio of 4.5, which is bullish. As for the rationale, technical traders seem to be citing the appearance of 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.
The is major support level that has failed to be broken….Price has been rejected with a long wick, a nice indicator to go long….But at the same time a triangle pattern is forming up.