EUR/AUD Up 33 Pips Over Past 4 Hours, Moves Up For the 2nd Day In A Row; Eyes 20 Day Average

EUR/AUD 4 Hour Price Update

Updated May 18, 2020 05:10 PM GMT (01:10 PM EST)

A moment of silence, please, for the end of EUR/AUD’s 4 four-hour candle down streak; price ended the last 4 hour candle up 33 pips (0.2%) to finish the four-hour candle at a rate of 1.6749. Out of the 37 instruments in the Forex asset class, EUR/AUD ended up ranking 21st for the four-hour candle in terms of price change.

EUR/AUD End of Day Recap

Updated 00:30 GMT (04:30 EST)

EUR/AUD is up 2 pips (0.01%) since the previous day (opening today near 1.68645), marking the 2nd day in a row an increase has occurred. Relative to other instruments in the Forex asset class, EUR/AUD ranked 24th the previous day in terms of percentage price change. Below is a price chart of EUR/AUD.

EUR/AUD Technical Analysis

The first thing we should note is that EUR/AUD is now close to its 20, 100 and 200 day moving averages, which may act as price barrier for the asset. 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 66.8 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 down. Or to simplify this another way, note that out of the past 10 days EUR/AUD’s price has gone up 6 them.

The View From Around the Web

Of note is that traders in aggregate have opinions on EURAUD, with 13 buy signals on our radar and 11 sell signals. This imputes a buy/sell ratio of 1.18, which is neutral. As for the rationale, technical traders seem to be citing the appearance of a channel technical pattern. Here’s a piece we found on tradingview.com; below is a short snippet from it to give you a taste.

Waiting for a rejection of the trendline or the 50EMA and then looking for short entries.Join our Free Telgram Group: www.t.me/teamtakeprofitsnlDutch Signal Group