EUR/AUD Up 2 Pips On Hourly Chart, Came Into Today Up For the 3rd Consecutive Day; Crosses 20 Day Moving Average

Hourly Update

(Last Updated November 10, 2022 1:47 GMT)

At the time of this writing, EURAUD’s rate is up 2 pips (0.01%) 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. If you’re a trend trader, consider that the strongest clear trend on the hourly chart exists on the 100 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 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 83 pips (0.54%) since the day prior (opening today near 1.5565), marking the 3rd consecutive day an upward move has occurred. Compared to its peers in the Forex, EURAUD gave its buyers a return that ranked 9th in terms of percentage change since the day prior. The price chart of EURAUD below illustrates.

EURAUD

EURAUD Technical Analysis

Notably, EURAUD crossed above its 20 day moving average yesterday. 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 39.4 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 90 day horizon; over that time period, price has been moving up. Or to simplify this another way, note that out of the past 14 days EURAUD’s price has gone up 7 them.