EUR/AUD Up 8 Pips On Hourly Chart, 3 Day Up Streak Broken; in an Uptrend Over Past 14 Days

Hourly Update

(Last Updated September 12, 2022 1:38 GMT)

At the moment, EURAUD’s rate is up 8 pips (0.06%) from the hour prior. This is a reversal of the price action on the previous hour, in which price moved down. 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 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)

After 3 up days, EURAUD snaps its streak, falling 123 pips (-0.83%) over the past day to close at an exchange rate of 1.4678. Compared to its peers in the Forex, EURAUD gave its buyers a return that ranked 34th in terms of percentage change since the previous day. Let’s take a look at price chart of EURAUD.

EURAUD

EURAUD Technical Analysis

Notably, EURAUD is now close to its 20, 50 and 100 day averages, located at 1.4571, 1.4678 and 1.4845 respectively, and thus may be at a key juncture along those timeframes. Trend traders will want to observe that the strongest trend appears on the 14 day horizon; over that time period, price has been moving up. It should be noted, though, that a trend in the opposite direction, going down, exists on the 90 day timeframe. Or to simplify this another way, note that out of the past 14 days EURAUD’s price has gone up 8 them.

The View From Around the Web

We’re seeing some traders come out with interesting conviction on EURAUD, with 2 buy signals on our radar and 4 sell signals. This imputes a buy/sell ratio of 0.5, which is bearish. Here’s a piece we found on tradingview.com; below is a short snippet from it to give you a taste.

Looking at this beautiful setup, our daily chart has formed a 38.2% bearish candle along a shooting star. For extra confluence, price has also made a bearish 38.2% candle on our weekly chart. I believe price will retrace to previous lower lows.Entry: 1.47544TP: 1.46212SL: 1.49019