EUR/AUD Down 215 Pips in Last 4 Hours, Moves Down For the 2nd Day In A Row; in an Uptrend Over Past 90 Days

EUR/AUD 4 Hour Price Update

Updated March 24, 2020 03:20 AM GMT (11:20 PM EST)

EUR/AUD is down 215 pips (1.16%) since the last 4 hour candle (opening the current 4 hour candle near 1.8315), marking the 2nd candle in a row it has gone down. Out of the 36 instruments in the Forex asset class, EUR/AUD ended up ranking 35th for the four-hour candle in terms of price change.

EUR/AUD Daily New York Session Recap

Updated 21:00 GMT (17:00 EST)

EUR/AUD is down 174 pips (0.93%) since yesterday’s New York session (opening today’s post-New York session near 1.84344), marking the 2nd day in a row a decline has happened. The price move occurred on volume — and we’re using the number of tick price changes as a proxy for volume — that was down 8.55% from the day prior, but up 29.54% from the same day the week before. Compared to its peers in the Forex, EUR/AUD gave its buyers a return that ranked 36th in terms of percentage change since yesterday’s New York session. Below is a price chart of EUR/AUD.

EUR/AUD Technical Analysis

The clearest trend exists on the 14 day timeframe, which shows price moving up over that time. For additional context, note that price has gone up 8 out of the past 14 days.

The View From Around the Web

Of note is that traders in aggregate have opinions on EURAUD, with 1 buy signals on our radar and 9 sell signals. This imputes a buy/sell ratio of 0.11, which is quite 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.

To end last week we saw a big push down, with a bearish engulfing on the 4-hour chart, to come down to test and find support at the 1.800 level and are now seeing the bounce….I wasn’t put off by thinking I had missed the big sell, I am being patient so letting price develop further to now look to take the trade….Profit targets for EUR/AUD will be around testing the 1.7500 regions, looking at a 1000-1500 pip trade.