EUR/AUD 4 Hour Price Update
Updated August 06, 2020 09:09 AM GMT (05:09 AM EST)
The back and forth price flow continues for EUR/AUD, which started the current 4 hour candle off at 1.6482, down 16 pips 0.1% from the last 4 hour candle. Out of the 37 instruments in the Forex asset class, EUR/AUD ended up ranking 29th for the four-hour candle in terms of price change.
EUR/AUD End of Day Recap
Updated 00:30 GMT (04:30 EST)
The back and forth price flow continues for EUR/AUD, which started today off at 1.6489, down 6 pips 0.04% from the previous day. Out of the 40 instruments in the Forex asset class, EUR/AUD ended up ranking 37th for the day in terms of price change. Let’s take a look at price chart of EUR/AUD.
EUR/AUD Technical Analysis
Notably, EUR/AUD is now close to its 20, 50, 100 and 200 day averages, located at 1.6386, 1.6337, 1.6537 and 1.6663 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 48 pips away. 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. It should be noted, though, that a trend in the opposite direction, going down, exists on the 90 day timeframe. For additional context, note that price has gone up 18 out of the past 30 days. And for candlestick traders, a special treat: there is a pin bar pattern showing up on the charts as well. Rejoice!
The View From Around the Web
We’re seeing some traders come out with interesting conviction on EURAUD, with 19 buy signals on our radar and 10 sell signals. This imputes a buy/sell ratio of 1.9, which is bullish. As for the rationale, technical traders seem to be citing the appearance of a fibonacci technical pattern. Here’s a piece we found on tradingview.com; below is a short snippet from it to give you a taste.
Anyway , we are 41 bars from the swing low and there is alignment of all 4 short term Daily MAV’s to the upside ……It is a wait and see , if in the next few daily bars a break can be made of the horizontal resistance of 1.66…….If so , then a bias to the long side would be formed and a trade could be suggested looking at the upside targets of 1.70 and 1.80If price reverses and stays in the channel……