EUR/AUD Down 15 Pips in Last 4 Hours, 3 Day Down Streak Snapped; in a Downtrend Over Past 90 Days

EUR/AUD 4 Hour Price Update

Updated June 18, 2020 09:09 AM GMT (05:09 AM EST)

A moment of silence, please, for the end of EUR/AUD’s 3 four-hour candle up streak; price ended the last 4 hour candle down 15 pips (-0.09%) to finish the four-hour candle at a rate of 1.6355. Relative to other instruments in the Forex asset class, EUR/AUD ranked 29th 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, which opened today priced near 1.63591, is up 28 pips 0.17% since yesterday, marking a reversal from the day prior — and the end of a 3 day negative run. Out of the 40 instruments in the Forex asset class, EUR/AUD ended up ranking 5th for the day in terms of price change. The price chart of EUR/AUD below illustrates.

EUR/AUD Technical Analysis

Notably, EUR/AUD is now close to its 20, 50 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 11.2 pips away. It should be noted, though, the 100 day simple moving average turned upwards, which may be a bullish sign. 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. The clearest trend exists on the 30 day timeframe, which shows price moving down over that time. Or to simplify this another way, note that out of the past 10 days EUR/AUD’s price has gone down 6 them. Oh, and one last thing: if you trade off of candlesticks, note that we’re seeing pin bar pattern appearing here.

The View From Around the Web

We’re seeing some traders come out with interesting conviction on EURAUD, with 6 buy signals on our radar and 9 sell signals. This imputes a buy/sell ratio of 0.67, which is bearish. 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.

From my previous analysis, I mentioned that we will be expecting a retest to the trend support level as it move back to trend….First, lets keep in mind that price level is within the support and resistance of a slow up trend….Moving on to the technical analysis part for EURAUD:Support and ResistanceWe can see price level did test the trend support level yesterday and I strongly believe EURAUD will hold this trend support level and as of now do not see any reason for the breaking.