(Last Updated November 11, 2020 0:16 GMT)
At the time of this writing, EURAUD’s rate is up 5 pips (0.03%) from the hour prior. This is a reversal of the price action on the previous hour, in which price moved down. 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 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)
The choppiness in the recent daily price action of EURAUD continues; to start today, it came in at a price of 1.62131, down 136 pips (0.83%) since the previous day. Relative to other instruments in the Forex asset class, EURAUD ranked 31st the previous day in terms of percentage price change. Below is a price chart of EURAUD.
EURAUD Technical Analysis
The first thing we should note is that EURAUD is now close to its 20, 50 and 100 day averages, located at 1.6499, 1.6398 and 1.6378 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 165 pips away. It should be noted, though, the 20 day simple moving average turned downwards, which may be a bearish sign. The clearest trend exists on the 14 day timeframe, which shows price moving down over that time. Also of note is that on a 30 day basis price appears to be forming a base — which could the stage for it being a support/resistance level going forward. Or to simplify this another way, note that out of the past 14 days EURAUD’s price has gone down 11 them.