EUR/AUD Down 7 Pips in Last Hour, Makes Big Move Relative to Two Week Trend; Entered Today Up For the 2nd Consecutive Day

Hourly Update

(Last Updated January 7, 2022 1:38 GMT)

At the moment, EURAUD’s rate is down -7 pips (-0.04%) from the hour prior. This move is a reversal from the hour prior, which saw price move up. If you’re a trend trader, consider that the strongest clear trend on the hourly chart 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)

EURAUD is up 103 pips (0.66%) since the previous day (opening today near 1.57665), marking the 2nd consecutive day an upward move has occurred. Relative to other instruments in the Forex asset class, EURAUD ranked 4th the previous day in terms of percentage price change. Below is a price chart of EURAUD.

EURAUD

EURAUD Technical Analysis

Notably, EURAUD crossed above its 20, 50 and 100 day moving averages yesterday. 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. Price action traders in particular will want to note that the 14 day period appears to show price forming a base; this could indicate that a support/resistance level is developing. Or to simplify this another way, note that out of the past 14 days EURAUD’s price has gone up 8 them.