EURAUD Down 5 Pips in Last Hour; Price Base in Formation Over Past 90 Days

Hourly Update

(Last Updated November 20, 2020 2:16 GMT)

At the moment, EURAUD’s rate is down -5 pips (-0.03%) from the hour prior. The hourly chart shows that EURAUD has seen 2 straight down hours. If you’re a trend trader, consider that the strongest clear trend on the hourly chart exists on the 20 hour timeframe. Price action traders may also wish to note that we see a pin bar 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 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)

The back and forth price flow continues for EURAUD, which started today off at 1.62818, up 59 pips 0.37% from the previous day. Relative to other instruments in the Forex asset class, EURAUD ranked 2nd the previous day in terms of percentage price change. The price chart of EURAUD below illustrates.

EURAUD

EURAUD Technical Analysis

Coming into today 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 88.4 pips away. It should be noted, though, the 100 day simple moving average turned upwards, which may be a bullish sign. 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. The clearest trend exists on the 30 day timeframe, which shows price moving down over that time. Also of note is that on a 90 day basis price appears to be forming a base — which could the stage for it being a support/resistance level going forward. For additional context, note that price has gone down 5 out of the past 10 days.