EUR/AUD Down 4 Pips Over Past Hour, Price Base in Formation Over Past 14 Days; Doji Pattern Appearing on Chart

Hourly Update

(Last Updated November 22, 2022 1:39 GMT)

Currently, EURAUD’s rate is down -4 pips (-0.03%) 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 50 hour timeframe. The moving averages on the hourly timeframe suggest a choppiness in price, as the 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 1.5504, up 33 pips (0.21%) since the day prior. Out of the 39 instruments in the Forex asset class, EURAUD ended up ranking 15th for the day in terms of price change. Let’s take a look at price chart of EURAUD.

EURAUD

EURAUD Technical Analysis

Coming into today EURAUD is now close to its 20 and 50 day moving averages, which may act as price barrier for the asset. 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 40.6 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 90 day timeframe, which shows price moving up over that time. It should be noted, though, that a trend in the opposite direction, going down, exists on the 30 day timeframe. Also of note is that on a 14 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 up 9 out of the past 14 days. Also, candlestick traders! Note we see doji pattern appearing here as well.