EURAUD Up 17 Pips Over Past Hour, 3 Day Up Streak Ended; Nears 20 Day Moving Average

Hourly Update

(Last Updated November 11, 2021 3:16 GMT)

Currently, EURAUD’s rate is up 17 pips (0.11%) from the hour prior. This is a reversal of the price action on the previous hour, in which price moved down. As for the trend on the hourly timeframe, we see the clearest trend 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 downtrend 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 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)

A moment of silence, please, for the end of EURAUD’s 3 day up streak; price ended the previous day down 35 pips (-0.23%) to finish the day at a rate of 1.55988. Out of the 39 instruments in the Forex asset class, EURAUD ended up ranking 24th for the day in terms of price change. Let’s take a look at price chart of EURAUD.

EURAUD

EURAUD Technical Analysis

The first thing we should note is that the current price of EURAUD is sitting close to its 20, 50, 100 and 200 day moving averages; moving average crosses often indicate a change in momentum, so this may be worth keeping an eye on. 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 60 pips away. It should be noted, though, the 20 day simple moving average turned downwards, which may be a bearish sign. The clearest trend exists on the 90 day timeframe, which shows price moving down over that time. For additional context, note that price has gone up 8 out of the past 14 days.