EUR/AUD Down 49 Pips On Hourly Chart, Makes Big Move Relative to Two Week Trend; Sentiment Strongly Favors Sellers

Hourly Update

(Last Updated November 7, 2022 1:37 GMT)

At the moment, EURAUD’s rate is down -49 pips (-0.32%) 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 1.5388, down 116 pips (0.75%) since the day prior. Compared to its peers in the Forex, EURAUD gave its buyers a return that ranked 29th in terms of percentage change since the day prior. The price chart of EURAUD below illustrates.

EURAUD

EURAUD Technical Analysis

The first thing we should note is that EURAUD is now close to its 20, 50 and 200 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 128 pips away. 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. The clearest trend exists on the 14 day timeframe, which shows price moving down over that time. Interestingly, a trend in the other direction exists on the 30 and 90 day timeframes, where price is headed up. Or to simplify this another way, note that out of the past 30 days EURAUD’s price has gone up 16 them.

The View From Around the Web

We’re seeing some traders come out with interesting conviction on EURAUD, with 1 buy signals on our radar and 4 sell signals. This imputes a buy/sell ratio of 0.25, which is bearish. Here’s a piece we found on tradingview.com; below is a short snippet from it to give you a taste.

this is my idea for euraud i expect it will gonna down but it first it will retest up