EUR/AUD Down 2 Pips Over Past 4 Hours, Moves Up For the 2nd Day In A Row; in a Downtrend Over Past 30 Days

EUR/AUD 4 Hour Price Update

Updated May 12, 2020 12:52 AM GMT (08:52 PM EST)

EUR/AUD entered the current 4 hour candle at 1.6667, down 2 pips (0.01%) from the previous 4 hours. Out of the 37 instruments in the Forex asset class, EUR/AUD ended up ranking 18th 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 21 pips (0.13%) since the day prior (opening today near 1.66721), marking the 2nd day in a row it has gone up. Out of the 40 instruments in the Forex asset class, EUR/AUD ended up ranking 5th for the day in terms of price change. Let’s take a look at price chart of EUR/AUD.

EUR/AUD Technical Analysis

The first thing we should note is that the current price of EUR/AUD is sitting close to its 20, 100 and 200 day moving averages; moving average crosses often indicate a change in momentum, so this may be worth keeping an eye on. 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 200 day average, which is 79.9 pips away. 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 14 days EUR/AUD’s price has gone down 9 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 20 buy signals on our radar and 5 sell signals. This imputes a buy/sell ratio of 4, which is bullish. As for the rationale, technical traders seem to be citing the appearance of a relative strength index technical pattern. Here’s a piece we found on tradingview.com; below is a short snippet from it to give you a taste.

Trading suggestion: ….There is a possibility of temporary retracement to suggested support line (1.664)….if so, traders can set orders based on Price Action and expect to reach short-term targets.