EURAUD Up 15 Pips On Hourly Chart, Price Base in Formation Over Past 30 Days; is Inching Close to 20 and 50 Day Averages

Hourly Update

(Last Updated April 7, 2021 3:17 GMT)

Currently, EURAUD’s rate is up 15 pips (0.1%) from the hour prior. This is a reversal of the price action on the previous hour, in which price moved down. Regarding the trend, note that the strongest trend exists on the 50 hour timeframe. Most noteworthy in the world of moving averages on the hourly chart is that the 20 hour moving average has been crossed, so that price is now turning above it. 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 1.54932, up 64 pips 0.41% from yesterday. Relative to other instruments in the Forex asset class, EURAUD ranked 8th yesterday in terms of percentage price change. The price chart of EURAUD below illustrates.

EURAUD

EURAUD Technical Analysis

Notably, EURAUD is now close to its 20, 50 and 100 day averages, located at 1.5434, 1.5503 and 1.5753 respectively, and thus may be at a key juncture along those timeframes. The clearest trend exists on the 90 day timeframe, which shows price moving down over that time. Price action traders in particular will want to note that the 30 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.