EURAUD Down 6 Pips in Last Hour; Price Base in Formation Over Past 90 Days

Hourly Update

(Last Updated November 23, 2020 2:16 GMT)

Currently, EURAUD’s rate is down -6 pips (-0.04%) from the hour prior. This is the 2nd hour in a row EURAUD has seen its price head down. Regarding the trend, note that the strongest trend exists on the 20 hour timeframe. Price action traders may also wish to note that we see a doji candlestick pattern on EURAUD. Given that we see downtrend on the 20 hourly candle timeframe, and that such candlestick patterns often denote reversals, this may be worth noting. Of note is that the 50 hour changed directions on EURAUD; it is now pointing down. 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 back and forth price flow continues for EURAUD, which started today off at 1.62272, down 55 pips 0.34% from yesterday. Relative to other instruments in the Forex asset class, EURAUD ranked 35th yesterday in terms of percentage price change. Let’s take a look at price chart of EURAUD.

EURAUD

EURAUD Technical Analysis

Notably, 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 20 day average, which is 124.2 pips away. It should be noted, though, the 50 day simple moving average turned downwards, which may be a bearish sign. 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. Also of note is that on a 90 day basis price appears to be forming a base — which could the stage for it being a support/resistance level going forward. For additional context, note that price has gone down 9 out of the past 14 days.