EUR/AUD Down 7 Pips in Last Hour, Entered Today Up For the 2nd Day In A Row; in a Downtrend Over Past 14 Days

Hourly Update

(Last Updated July 29, 2022 1:39 GMT)

At the time of this writing, EURAUD’s rate is down -7 pips (-0.05%) from the hour prior. EURAUD has seen its price go down 5 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 100 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)

EURAUD is up 6 pips (0.04%) since yesterday (opening today near 1.4591), marking the 2nd day in a row an increase has occurred. Out of the 39 instruments in the Forex asset class, EURAUD ended up ranking 6th for the day in terms of price change. The price chart of EURAUD below illustrates.

EURAUD

EURAUD Technical Analysis

Notably, EURAUD is now close to its 20 and 100 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 262.1 pips away. The clearest trend exists on the 14 day timeframe, which shows price moving down over that time. Or to simplify this another way, note that out of the past 30 days EURAUD’s price has gone down 18 them. Oh, and one last thing: if you trade off of candlesticks, note that we’re seeing pin bar pattern appearing here.

The View From Around the Web

We’re seeing some traders come out with interesting conviction on EURAUD, with 8 buy signals on our radar and 10 sell signals. This imputes a buy/sell ratio of 0.8, which is neutral. As for the rationale, technical traders seem to be citing the appearance of demand zone technical patterns. Here’s a piece we found on tradingview.com; below is a short snippet from it to give you a taste.

Possible bearish movement of the pair. The price is currently in a trading zone with significant volume , with rejections at the top of the price right at the 55 period EMA , which is essential in my strategy for analysis of possible trend continuations. We also see significant development in the Squeeze momentum indicator and macd histogram monitors, with directionality changes to bearish confirmed. We see the attached ADX indicator entering below the 23 level line (0 point of the MACD histogram), indicating the weakness of the previous move higher as it bounced towards the 55 period EMA , to continue falling as the moves have indicated. previous; along with a possible sell signal pattern coming soon on the MACD lines. There could be a continuation of the downtrend.