EURAUD Down 0 Pips in Last Hour, in a Downtrend Over Past 30 Days; Price Base in Formation Over Past 14 Days

Hourly Update

(Last Updated September 23, 2020 0:15 GMT)

At the time of this writing, EURAUD’s rate is down 0 pips (0%) 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. Regarding the trend, note that the strongest trend exists on the 50 hour timeframe. Price action traders may also wish to note that we see some doji and pin bar candlestick patterns 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 60 pips (0.37%) since the previous day (opening today near 1.62935), marking the 3rd consecutive day an upward move has occurred. Out of the 40 instruments in the Forex asset class, EURAUD ended up ranking 12th for the day in terms of price change. Below is a price chart of EURAUD.

EURAUD

EURAUD Technical Analysis

First things first: EURAUD crossed above its 20 day moving average 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. Trend traders will want to observe that the strongest trend appears on the 30 day horizon; over that time period, price has been moving down. 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 30 days EURAUD’s price has gone up 15 them.

The View From Around the Web

Of note is that traders in aggregate have opinions on EURAUD, with 3 buy signals on our radar and 11 sell signals. This imputes a buy/sell ratio of 0.27, which is bearish. As for the rationale, technical traders seem to be citing the appearance of a trendline technical pattern. Here’s a piece we found on tradingview.com; below is a short snippet from it to give you a taste.

Sell idea for todayPA, Trendline EMA, Higher TF


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