EURAUD Up 8 Pips On Hourly Chart, Moves Down For the 3rd Consecutive Day; Breaks Below 20, 50 and 100 Day Averages

Hourly Update

(Last Updated October 12, 2020 2:16 GMT)

At the moment, EURAUD’s rate is up 8 pips (0.05%) from the hour prior. EURAUD has seen its price go up 4 out of the past 5 hours, thus creating some compelling opportunities for bulls. Regarding the trend, note that the strongest trend exists on the 50 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. 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 is down 70 pips (0.43%) since the day prior (opening today near 1.63326), marking the 3rd consecutive day a decline has happened. Relative to other instruments in the Forex asset class, EURAUD ranked 28th the day prior in terms of percentage price change. Below is a price chart of EURAUD.

EURAUD

EURAUD Technical Analysis

Notably, EURAUD crossed below its 20, 50 and 100 day moving averages yesterday. 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 21.5 pips away. The clearest trend exists on the 30 day timeframe, which shows price moving up over that time. Or to simplify this another way, note that out of the past 10 days EURAUD’s price has gone down 7 them.