EURAUD Up 8 Pips in Last Hour; 3 Day Up Streak Snapped

Hourly Update

(Last Updated October 8, 2020 2:17 GMT)

Currently, EURAUD’s rate is up 8 pips (0.05%) 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. Regarding the trend, note that the strongest trend exists on the 50 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 5 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)

A moment of silence, please, for the end of EURAUD’s 3 day up streak; price ended yesterday down 53 pips (-0.32%) to finish the day at a rate of 1.64659. Compared to its peers in the Forex, EURAUD gave its buyers a return that ranked 31st in terms of percentage change since yesterday. Below is a price chart of EURAUD.

EURAUD

EURAUD Technical Analysis

The first thing we should note is that EURAUD is now close to its 20, 50, 100 and 200 day averages, located at 1.6361, 1.6374, 1.636 and 1.6628 respectively, and thus may be at a key juncture along those timeframes. 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 50 day average, which is 92.2 pips away. The clearest trend exists on the 30 day timeframe, which shows price moving up over that time. Or to simplify this another way, note that out of the past 14 days EURAUD’s price has gone up 8 them.