EUR/AUD Down 9 Pips On 4 Hour Chart, in a Downtrend Over Past 90 Days; Eyes 20 Day Average

EUR/AUD 4 Hour Price Update

Updated July 23, 2020 09:24 AM GMT (05:24 AM EST)

The choppiness in the recent four-hour candle price action of EUR/AUD continues; to start the current 4 hour candle, it came in at a price of 1.6194, down 9 pips (0.06%) since the previous 4 hours. Compared to its peers in the Forex, EUR/AUD gave its buyers a return that ranked 23rd in terms of percentage change since the previous 4 hours.

EUR/AUD End of Day Recap

Updated 00:30 GMT (04:30 EST)

EUR/AUD entered today at 1.62012, down 2 pips (0.01%) from yesterday. Relative to other instruments in the Forex asset class, EUR/AUD ranked 30th yesterday in terms of percentage price change. Here is a price chart of EUR/AUD.

EUR/AUD Technical Analysis

Notably, EUR/AUD is now close to its 20 and 50 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 54.9 pips away. It should be noted, though, the 200 day simple moving average turned upwards, which may be a bullish sign. The clearest trend exists on the 90 day timeframe, which shows price moving down over that time. Or to simplify this another way, note that out of the past 14 days EUR/AUD’s price has gone up 7 them. 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 18 buy signals on our radar and 3 sell signals. This imputes a buy/sell ratio of 6, which is very bullish. As for the rationale, technical traders seem to be citing the appearance of demand zone, divergence and trendline technical patterns. Here’s a piece we found on tradingview.com; below is a short snippet from it to give you a taste.

BUY EURAUD AFTER CORRECTION(SMALL BLUE TRENDLINE)TP @ green zone