EURAUD Up 3 Pips On Hourly Chart, in a Downtrend Over Past 14 Days; Pin Bar Pattern Appearing on Chart

Hourly Update

(Last Updated November 19, 2020 2:17 GMT)

At the moment, EURAUD’s rate is up 3 pips (0.02%) 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 100 hour timeframe. Price action traders may also wish to note that we see a pin bar candlestick pattern on EURAUD. Given that we see an uptrend on the 10 hourly candle timeframe, and that such candlestick patterns often denote reversals, this may be worth noting. Most noteworthy in the world of moving averages on the hourly chart is that the 20 and 50 hour moving averages have been crossed, so that price is now turning above them. 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 1.62223, down 20 pips 0.12% from the previous day. Out of the 40 instruments in the Forex asset class, EURAUD ended up ranking 21st for the day in terms of price change. 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 and 100 day averages, located at 1.6386, 1.6399 and 1.6372 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 100 day average, which is 149.9 pips away. It should be noted, though, the 50 and 200 day simple moving averages turned upwards, which may be a bullish sign. The clearest trend exists on the 14 day timeframe, which shows price moving down over that time. Also of note is that on a 90 day basis price appears to be forming a base — which could the stage for it being a support/resistance level going forward. Or to simplify this another way, note that out of the past 14 days EURAUD’s price has gone down 10 them. Also, candlestick traders! Note we see pin bar pattern appearing here as well.