EUR/AUD Down 79 Pips On 4 Hour Chart, Nears 20 Day Moving Average; Pin Bar Pattern Appearing on Chart

EUR/AUD 4 Hour Price Update

Updated May 19, 2020 05:15 PM GMT (01:15 PM 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 1.6657, down 79 pips (0.47%) since the previous 4 hours. On a relative basis, EUR/AUD was the worst performer out of all 37 of the assets in the Forex asset class.

EUR/AUD End of Day Recap

Updated 00:30 GMT (04:30 EST)

The back and forth price flow continues for EUR/AUD, which started today off at 1.67363, up 7 pips 0.04% from yesterday. Compared to its peers in the Forex, EUR/AUD gave its buyers a return that ranked 17th in terms of percentage change since yesterday. Here is a price chart of EUR/AUD.

EUR/AUD Technical Analysis

Notably, EUR/AUD is now close to its 20, 100 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 42.8 pips away. Trend traders will want to observe that the strongest trend appears on the 30 day horizon; over that time period, price has been moving down. For additional context, note that price has gone down 16 out of the past 30 days. 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

Of note is that traders in aggregate have opinions on EURAUD, with 18 buy signals on our radar and 20 sell signals. This imputes a buy/sell ratio of 0.9, which is neutral. As for the rationale, technical traders seem to be citing the appearance of relative strength index and wedge technical patterns. Here’s a piece we found on; below is a short snippet from it to give you a taste.

Double bottom with RSI divergence and trendline breakout