EUR/AUD Down 1 Pips Over Past 4 Hours, Makes Big Move Relative to Past Month; Nears 20 and 50 Day Moving Averages

EUR/AUD 4 Hour Price Update

Updated July 24, 2020 01:05 PM GMT (09:05 AM EST)

EUR/AUD, which opened the current 4 hour candle priced near 1.6381, is down 1 pips 0.01% since the last 4 hour candle, marking a reversal from the candle prior — and the end of a 7 four-hour candle positive run. Relative to other instruments in the Forex asset class, EUR/AUD ranked 16th the last 4 hour candle in terms of percentage price change.

EUR/AUD End of Day Recap

Updated 00:30 GMT (04:30 EST)

EUR/AUD entered today at 1.63294, down 7 pips (0.04%) from the day prior. Out of the 40 instruments in the Forex asset class, EUR/AUD ended up ranking 30th for the day in terms of price change. Below is a price chart of EUR/AUD.

EUR/AUD Technical Analysis

Coming into today EUR/AUD is now close to its 20, 50, 100 and 200 day averages, located at 1.6266, 1.6313, 1.6671 and 1.6648 respectively, and thus may be at a key juncture along those timeframes. 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 50 day average, which is 16 pips away. Trend traders will want to observe that the strongest trend appears on the 90 day horizon; over that time period, price has been moving down. For additional context, note that price has gone up 15 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 19 buy signals on our radar and 25 sell signals. This imputes a buy/sell ratio of 0.76, which is bearish. As for the rationale, technical traders seem to be citing the appearance of fibonacci and relative strength index technical patterns. Here’s a piece we found on tradingview.com; below is a short snippet from it to give you a taste.

Hello all traders EUR/AUD Trade Setup / Analysis—————- Just browsing through my analysis means a lot to me….Please follow the analysis very carefully and every detail of the chart means a lot….And always entry depends on many reasons carefully studiedAlways enter into deals when there are more than 5 reasons combinedKey Technical / Reason’s long 1) Strong Support Break2) Volume Profile Confirmation3) Pattern / Down Channel + Head & Shoulder4) Fibo Break Out 5) Turn level 6) M week high Break Main Supply / Demand Entry level’s1) 1.62500 Area S2) 1.63750 Area RMain Break Out 1.63750 Area to Targeting 500 PIP Up Range to 0.27500