EURAUD Up 8 Pips On Hourly Chart, in a Downtrend Over Past 30 Days; Sentiment Strongly Favors Buyers

Hourly Update

(Last Updated September 11, 2020 16:15 GMT)

At the moment, EURAUD’s rate is up 8 pips (0.05%) from the hour prior. This is a reversal of the price action on the previous hour, in which price moved down. 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 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 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 entered today at 1.61962, down 121 pips (0.74%) from the previous day. Compared to its peers in the Forex, EURAUD gave its buyers a return that ranked 32nd in terms of percentage change since the previous day. Let’s take a look at price chart of EURAUD.

EURAUD

EURAUD Technical Analysis

Notably, EURAUD is now close to its 20, 50, 100 and 200 day moving averages, which may act as price barrier for the asset. The clearest trend exists on the 30 day timeframe, which shows price moving down over that time. For additional context, note that price has gone down 6 out of the past 10 days.

The View From Around the Web

We’re seeing some traders come out with interesting conviction on EURAUD, with 13 buy signals on our radar and 2 sell signals. This imputes a buy/sell ratio of 6.5, which is very bullish. As for the rationale, technical traders seem to be citing the appearance of a channel technical pattern. Here’s a piece we found on tradingview.com; below is a short snippet from it to give you a taste.

EurAus is in a rising in H4, an oppotunity for bulls when it hits the support line. A minor immediate uptrend has formed in H1 as well


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