(Last Updated October 16, 2020 3:17 GMT)
At the moment, EURAUD’s rate is down -4 pips (-0.02%) from the hour prior. It’s been a feast for bulls operating on an hourly timeframe, as EURAUD has now gone up 4 of the past 5 hours. 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 a doji candlestick pattern on EURAUD. Given that we see an uptrend on the 10 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 is up 100 pips (0.61%) since yesterday (opening today near 1.64972), marking the 4th day in a row an increase has occurred. Relative to other instruments in the Forex asset class, EURAUD ranked 4th yesterday in terms of percentage price change. The price chart of EURAUD below illustrates.
EURAUD Technical Analysis
Coming into today EURAUD is now close to its 20, 50, 100 and 200 day moving averages, which may act as price barrier for the asset. 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 86.3 pips away. It should be noted, though, the 50 day simple moving average turned upwards, which may be a bullish sign. The clearest trend exists on the 30 day timeframe, which shows price moving up over that time. Also of note is that on a 14 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 up 7 out of the past 10 days.