EUR/AUD Up 13 Pips in Last Hour; in a Downtrend Over Past 30 Days

Hourly Update

(Last Updated August 4, 2022 1:40 GMT)

Currently, EURAUD’s rate is up 13 pips (0.09%) from the hour prior. This move is a reversal from the hour prior, which saw price move down. Regarding the trend, note that the strongest trend 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)

The back and forth price flow continues for EURAUD, which started today off at 1.4629, down 62 pips 0.42% from the day prior. Relative to other instruments in the Forex asset class, EURAUD ranked 34th the day prior in terms of percentage price change. Here is a price chart of EURAUD.

EURAUD

EURAUD Technical Analysis

Coming into today EURAUD is now close to its 20, 50 and 100 day averages, located at 1.4751, 1.4932 and 1.4872 respectively, and thus may be at a key juncture along those timeframes. 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 122.1 pips away. 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. For additional context, note that price has gone down 8 out of the past 14 days.

The View From Around the Web

Of note is that traders in aggregate have opinions on EURAUD, with 2 buy signals on our radar and 5 sell signals. This imputes a buy/sell ratio of 0.4, which is bearish. 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.

Analysis of #EURAUD Strong demand zone, near strong key level 1.4350, waiting for the market to push down further to look for a reversal pattern before getting in a buy trade if the rules are met._ _______________________________________💭 | Comment your thoughts below, I always answer.📥 | Feel free to message me if you have any questions. Thanks for your continued support!