EURAUD Up 1 Pips in Last Hour, in a Downtrend Over Past 30 Days; Doji Pattern Appearing on Chart

Hourly Update

(Last Updated September 24, 2020 0:15 GMT)

At the moment, EURAUD’s rate is up 1 pips (0.01%) 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. As for the trend on the hourly timeframe, we see the clearest trend on the 20 hour timeframe. Price action traders may also wish to note that we see a pin bar candlestick pattern on EURAUD. Given that we see an uptrend on the 20 and 10 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 bearishness in price, as the 20, 50, 100 and 200 are all in a bearish alignment — meaning the shorter duration moving averages are below the longer duration averages, implying a stable downward trend.

EURAUD End of Day Recap

Updated 00:30 GMT (04:30 EST)

EURAUD is up 28 pips (0.17%) since the day prior (opening today near 1.63211), marking the 4th consecutive day an upward move has occurred. Compared to its peers in the Forex, EURAUD gave its buyers a return that ranked 10th in terms of percentage change since the day prior. The price chart of EURAUD below illustrates.


EURAUD Technical Analysis

The first thing we should note is that the current price of EURAUD is sitting close to its 20, 50, 100 and 200 day moving averages; moving average crosses often indicate a change in momentum, so this may be worth keeping an eye on. 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 30 day timeframe, which shows price moving down over that time. 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. Or to simplify this another way, note that out of the past 10 days EURAUD’s price has gone up 6 them. Oh, and one last thing: if you trade off of candlesticks, note that we’re seeing doji pattern appearing here.

The View From Around the Web

We’re seeing some traders come out with interesting conviction on EURAUD, with 7 buy signals on our radar and 12 sell signals. This imputes a buy/sell ratio of 0.58, which is bearish. As for the rationale, technical traders seem to be citing the appearance of demand zone technical patterns. Here’s a piece we found on; below is a short snippet from it to give you a taste.

As you can see from the chart back on the 14th September we indicated an upward movement to a key level of resistance where we then predicted this would fall back down and bounce off down to the level of support, which happened nicely. We then saw a small consolidation zone until the buying pressure comes in and this is where we saw the level of resistance get broken. Where this has happened we have seen un upward run from 1.63829, We would like to see this hit a previous high level of resistance and hit our ALERT we have in place which is 1.65265 and we would then look for the confirmation we need to place the sell position. SELL Entry/Alert: 1.65254 SL: 1.66300TP1: 1.64583TP2: 1.63683TP3: 1.62306Extended Long Term: 1.61497 Total Pips: 376Fundamentals: ⚜️EUR = Germany’s IFO: it’s released by CESifo Group and is loosely watched as an early indicator of current conditions and business expectations in Germany. Positive economic growth anticipates bullish movement for EUR, while a low reading is seen as negative. Predicted to be on a rise that is seen as positive.⚠️📈Risk Management // Disclaimer 📈⚠️• Please remember that patience is the second name of this business and risk management is everything. • Do not risk more than what you can afford and do not be greedy. • The analysis, insights, and market breakdowns we provide are just ideas so it is your choice to follow our analysis or not. • We will not be held responsible for any losses on your account as we do not have access to gain control to place your trades, you are the manager of your capital and it is down to you to manage this correctly. Lot Sizes: 💰 £100-£300 : 0.01 – 0.03💰£400 – £500 : 0.04 – 0.05💰£1000 – £2000 : 0.1 – 0.15*******************************Trading Futures, Forex, CFDs, and Stocks involves a risk of loss. Please consider carefully if such trading is appropriate for you. Past performance is not indicative of future results. Trading View posts and content on this website are for entertainment purposes only and do not constitute investment recommendations or advice. We do, however, encourage our clients that are intending to trade, to be fully aware of the risks, fundamentals, technicalities associated with being a profitable trader. Appropriate training is necessary to succeed.A reminder – trading foreign exchange and futures on margin carries a high level of risk, and may not be suitable for all investors. The high degree of leverage can work against you, as well as to your advantage.We do not take responsibility for any trader’s loss and gain no reward or have no ownership of any profits made.

Forex Frank is a forex analyst and market commentator with nearly two decades of experience in currency trading. Follow him on social media: Facebook | Twitter | Instagram