EUR/AUD Down 5 Pips On Hourly Chart, in an Uptrend Over Past 14 Days; is Inching Close to 20 Day Average

Hourly Update

(Last Updated November 15, 2021 1:37 GMT)

At the time of this writing, EURAUD’s rate is down -5 pips (-0.03%) from the hour prior. EURAUD has seen its price go down 4 out of the past 5 hours, thus creating some compelling opportunities for bears. If you’re a trend trader, consider that the strongest clear trend on the hourly chart exists on the 20 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 1.56072, up 4 pips (0.03%) since the day prior. Out of the 39 instruments in the Forex asset class, EURAUD ended up ranking 23rd for the day in terms of price change. Here is a price chart of EURAUD.

EURAUD

EURAUD Technical Analysis

The first thing we should note is that EURAUD is now close to its 20, 50, 100 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 49.8 pips away. The clearest trend exists on the 14 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 90 day timeframe. 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. For additional context, note that price has gone up 6 out of the past 10 days.