EUR/AUD Up 7 Pips in Last Hour, Came Into Today Down For the 3rd Consecutive Day; Price Base in Formation Over Past 90 Days

Hourly Update

(Last Updated January 12, 2022 1:39 GMT)

At the moment, EURAUD’s rate is up 7 pips (0.05%) from the hour prior. This is a reversal of the price action on the previous hour, in which price moved down. From a hourly perspective, the market looks fairly choppy; clear trends aren’t showing up on the 20, 50 and 100 hour timeframes. The moving averages on the hourly timeframe suggest a choppiness in price, as the 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 down 12 pips (0.08%) since the previous day (opening today near 1.57685), marking the 3rd consecutive day a decline has happened. Compared to its peers in the Forex, EURAUD gave its buyers a return that ranked 27th in terms of percentage change since the previous day. Below is a price chart of EURAUD.

EURAUD

EURAUD Technical Analysis

The first thing we should note is that 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. The clearest trend exists on the 14 day timeframe, which shows price moving up over that time. Price action traders in particular will want to note that the 90 day period appears to show price forming a base; this could indicate that a support/resistance level is developing. Or to simplify this another way, note that out of the past 10 days EURAUD’s price has gone up 6 them.