EURAUD Down 5 Pips On Hourly Chart, Moves Up For the 2nd Straight Day; Doji Pattern Appearing on Chart

Hourly Update

(Last Updated September 22, 2020 0:15 GMT)

At the moment, EURAUD’s rate is down -5 pips (-0.03%) from the hour prior. This is the 2nd consecutive hour EURAUD has seen its price head down. Regarding the trend, note that the strongest trend exists on the 20 hour timeframe. Price action traders may also wish to note that we see a doji candlestick pattern on EURAUD. Given that we see an uptrend on the 20 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 choppiness in price, as the 20, 50, 100 and 200 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 31 pips (0.19%) since the day prior (opening today near 1.62333), marking the 2nd straight day an upward move has occurred. Relative to other instruments in the Forex asset class, EURAUD ranked 13th the day prior in terms of percentage price change. Below is a price chart of EURAUD.

EURAUD

EURAUD Technical Analysis

Notably, EURAUD is now close to its 20, 50, 100 and 200 day moving averages, which may act as price barrier for the asset. 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. Or to simplify this another way, note that out of the past 30 days EURAUD’s price has gone down 16 them. And for candlestick traders, a special treat: there is a doji pattern showing up on the charts as well. Rejoice!

The View From Around the Web

Of note is that traders in aggregate have opinions on EURAUD, with 4 buy signals on our radar and 4 sell signals. This imputes a buy/sell ratio of 1, which is neutral. Here’s a piece we found on tradingview.com; below is a short snippet from it to give you a taste.

expecting a buy when price reach support level before that we can see clearly candlestick pattern evening star indicating a sell then we can watch out for a buy


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