EURAUD Down 4 Pips On Hourly Chart, Moves Down For the 2nd Straight Day; is Inching Close to 20, 50 and 100 Day Averages

Hourly Update

(Last Updated October 9, 2020 2:17 GMT)

At the moment, EURAUD’s rate is down -4 pips (-0.02%) from the hour prior. EURAUD has seen its price go down 5 out of the past 5 hours, thus creating some compelling opportunities for bears. If you’re a trend trader, consider that the strongest clear trend on the hourly chart exists on the 50 hour timeframe. 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 down 63 pips (0.39%) since yesterday (opening today near 1.64025), marking the 2nd straight day it has gone down. Relative to other instruments in the Forex asset class, EURAUD ranked 34th 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, 100 and 200 day averages, located at 1.6367, 1.6372, 1.6358 and 1.663 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 30.1 pips away. It should be noted, though, the 50 day simple moving average turned downwards, which may be a bearish sign. Trend traders will want to observe that the strongest trend appears on the 30 day horizon; over that time period, price has been moving up. For additional context, note that price has gone up 15 out of the past 30 days.