EURAUD Up 3 Pips Over Past Hour, Makes Big Move Relative to Two Week Trend; is Inching Close to 20 Day Average

Hourly Update

(Last Updated September 16, 2020 23:15 GMT)

Currently, EURAUD’s rate is up 3 pips (0.02%) from the hour prior. This move is a reversal from the hour prior, which saw price move down. Regarding the trend, note that the strongest trend exists on the 100 hour timeframe. The moving averages on the hourly timeframe suggest a bullishness in price, as the 20, 50, 100 and 200 are all in a bullish alignment — meaning the shorter durations are above the longer duration averages, implying a sound upward trend.

EURAUD End of Day Recap

Updated 00:30 GMT (04:30 EST)

EURAUD entered today at 1.62231, down 52 pips (0.32%) from the previous day. Relative to other instruments in the Forex asset class, EURAUD ranked 34th the previous day in terms of percentage price change. Here is a price chart of EURAUD.

EURAUD

EURAUD Technical Analysis

Coming into today EURAUD is now close to its 20, 50, 100 and 200 day averages, located at 1.6296, 1.6349, 1.6421 and 1.6606 respectively, and thus may be at a key juncture along those timeframes. 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. Or to simplify this another way, note that out of the past 10 days EURAUD’s price has gone up 5 them.

The View From Around the Web

We’re seeing some traders come out with interesting conviction on EURAUD, with 19 buy signals on our radar and 15 sell signals. This imputes a buy/sell ratio of 1.27, which is bullish. As for the rationale, technical traders seem to be citing the appearance of channel, flag and trendline technical patterns. Here’s a piece we found on tradingview.com; below is a short snippet from it to give you a taste.

Very strong trendline acting as a support. If the price breaks below, it would provide a great opportunity to short after confirmation.Let me know what you guys think


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