EUR/AUD Up 18 Pips in Last Hour, Moves Up For the 2nd Straight Day; Crosses 50 Day Moving Average

Hourly Update

(Last Updated September 8, 2022 1:38 GMT)

At the time of this writing, EURAUD’s rate is up 18 pips (0.12%) from the hour prior. EURAUD has seen its price go up 4 out of the past 5 hours, thus creating some compelling opportunities for bulls. 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 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 78 pips (0.53%) since the previous day (opening today near 1.478), marking the 2nd straight day an increase has occurred. Compared to its peers in the Forex, EURAUD gave its buyers a return that ranked 16th in terms of percentage change since the previous day. The price chart of EURAUD below illustrates.

EURAUD

EURAUD Technical Analysis

Moving average crossovers are always interesting, so let’s start there: EURAUD crossed above its 50 day moving average yesterday. The clearest trend exists on the 14 day timeframe, which shows price moving up over that time. Interestingly, a trend in the other direction exists on the 90 day timeframe, where price is headed down. Also of note is that on a 30 day basis price appears to be forming a base — which could the stage for it being a support/resistance level going forward. Or to simplify this another way, note that out of the past 30 days EURAUD’s price has gone up 17 them.