EUR/AUD Up 6 Pips On 4 Hour Chart, Breaks Below 20 Day Average; Pin Bar Pattern Appearing on Chart

EUR/AUD 4 Hour Price Update

Updated June 22, 2020 01:10 PM GMT (09:10 AM EST)

EUR/AUD entered the current 4 hour candle at 1.6295, up 6 pips (0.04%) from the last 4 hour candle. Out of the 37 instruments in the Forex asset class, EUR/AUD ended up ranking 13th 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 entered today at 1.63505, down 0 pips (0%) from yesterday. Out of the 40 instruments in the Forex asset class, EUR/AUD ended up ranking 27th for the day in terms of price change. Here is a price chart of EUR/AUD.

EUR/AUD Technical Analysis

Moving average crossovers are always interesting, so let’s start there: EUR/AUD crossed below its 20 day moving average yesterday. 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 10.9 pips away. The clearest trend exists on the 90 day timeframe, which shows price moving down over that time. For additional context, note that price has gone down 6 out of the past 10 days. 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 20 buy signals on our radar and 1 sell signals. This imputes a buy/sell ratio of 20, which is very bullish. As for the rationale, technical traders seem to be citing the appearance of flag and relative strength index technical patterns. Here’s a piece we found on tradingview.com; below is a short snippet from it to give you a taste.

EUR/AUD Intraday: the downside prevails as long as 1.6376 is Our pivot point stands at 1.6376….OUR PREFERENCE: the downside prevails as long as 1.6376 is resistance….The MACD is below its signal line and negative.