EUR/AUD 4 Hour Price Update
Updated May 25, 2020 09:09 PM GMT (05:09 PM EST)
The back and forth price flow continues for EUR/AUD, which started the current 4 hour candle off at 1.6647, up 7 pips 0.04% from the last 4 hour candle. Out of the 37 instruments in the Forex asset class, EUR/AUD ended up ranking 10th 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 5 pips (0.03%) since yesterday (opening today near 1.66785), marking the 3rd day in a row an increase has occurred. Out of the 40 instruments in the Forex asset class, EUR/AUD ended up ranking 15th for the day in terms of price change. Below is a 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 60.5 pips away. It should be noted, though, the 20 day simple moving average turned downwards, which may be a bearish sign. Volatility for EUR/AUD has been contracting over the past two weeks relative to volatility over the past month. Whether volatility reverts will be something to watch. The clearest trend exists on the 30 day timeframe, which shows price moving down over that time. Also of note is that on a 90 day basis price appears to be forming a base — which could the stage for it being a support/resistance level going forward. For additional context, note that price has gone up 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
Of note is that traders in aggregate have opinions on EURAUD, with 13 buy signals on our radar and 8 sell signals. This imputes a buy/sell ratio of 1.62, which is bullish. As for the rationale, technical traders seem to be citing the appearance of a wedge technical pattern. Here’s a piece we found on tradingview.com; below is a short snippet from it to give you a taste.
Falling Wedge with multiple rejections at a daily support zone. Definitely a pair ill be keeping an eye on early in the week!