EUR/AUD Down 32 Pips On 4 Hour Chart, Moves Down For the 3rd Day In A Row; in a Downtrend Over Past 30 Days

EUR/AUD 4 Hour Price Update

Updated May 20, 2020 05:05 PM GMT (01:05 PM EST)

EUR/AUD is down 32 pips (0.19%) since the last 4 hour candle (opening the current 4 hour candle near 1.6633), marking the 2nd candle in a row a decrease has occurred. Relative to other instruments in the Forex asset class, EUR/AUD ranked 30th the last 4 hour candle in terms of percentage price change.

EUR/AUD End of Day Recap

Updated 00:30 GMT (04:30 EST)

EUR/AUD is down 7 pips (0.04%) since yesterday (opening today near 1.66981), marking the 3rd day in a row a decline has happened. Relative to other instruments in the Forex asset class, EUR/AUD ranked 36th yesterday in terms of percentage price change. Let’s take a look at price chart of EUR/AUD.

EUR/AUD Technical Analysis

Coming into today the current price of EUR/AUD is sitting close to its 20, 100 and 200 day moving averages; moving average crosses often indicate a change in momentum, so this may be worth keeping an eye on. 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 20 day average, which is 76.8 pips away. Volatility for EUR/AUD has been contracting over the past two weeks relative to volatility over the past month. Whether volatility reverts will be something to watch. Trend traders will want to observe that the strongest trend appears on the 30 day horizon; over that time period, price has been moving down. Price action traders in particular will want to note that the 14 day period appears to show price forming a base; this could indicate that a support/resistance level is developing. For additional context, note that price has gone up 5 out of the past 10 days. And for candlestick traders, a special treat: there are doji and pin bar patterns showing up on the charts as well. Rejoice!

The View From Around the Web

Of note is that traders in aggregate have opinions on EURAUD, with 15 buy signals on our radar and 19 sell signals. This imputes a buy/sell ratio of 0.79, which is bearish. As for the rationale, technical traders seem to be citing the appearance of a relative strength index technical pattern. Here’s a piece we found on tradingview.com; below is a short snippet from it to give you a taste.

Resistance line price….Therefore, now I expect a fall in prices to the support line….Breakdown of the resistance line and level – Cancel.