EUR/AUD Down 53 Pips Over Past 4 Hours, Came Into Today Down For the 3rd Day In A Row; Breaks Below 200 Day Average

EUR/AUD 4 Hour Price Update

Updated May 11, 2020 09:09 PM GMT (05:09 PM EST)

After 3 up four-hour candles, EUR/AUD snaps its streak, falling 53 pips (-0.32%) over the past four-hour candle to close at an exchange rate of 1.6669. It may be worth observing that EUR/AUD was the worst performer of the 37 members in the Forex asset class over the past four-hour candle.

EUR/AUD End of Day Recap

Updated 00:30 GMT (04:30 EST)

EUR/AUD is down 28 pips (0.17%) since the previous day (opening today near 1.65635), marking the 3rd day in a row a decline has happened. Compared to its peers in the Forex, EUR/AUD gave its buyers a return that ranked 34th in terms of percentage change since the previous day. Here is a price chart of EUR/AUD.

EUR/AUD Technical Analysis

First things first: EUR/AUD crossed below its 200 day moving average yesterday. 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 24.9 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 10 out of the past 14 days.

The View From Around the Web

Of note is that traders in aggregate have opinions on EURAUD, with 23 buy signals on our radar and 8 sell signals. This imputes a buy/sell ratio of 2.88, 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.

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.