EUR/AUD Down 6 Pips Over Past 4 Hours, Makes Big Move Relative to Past Month; in a Downtrend Over Past 90 Days

EUR/AUD 4 Hour Price Update

Updated July 22, 2020 09:22 AM GMT (05:22 AM EST)

EUR/AUD entered the current 4 hour candle at 1.6161, down 6 pips (0.04%) from the last 4 hour candle. Compared to its peers in the Forex, EUR/AUD gave its buyers a return that ranked 20th in terms of percentage change since the last 4 hour candle.

EUR/AUD End of Day Recap

Updated 00:30 GMT (04:30 EST)

EUR/AUD is down 5 pips (0.03%) since the previous day (opening today near 1.61657), marking the 3rd day in a row it has gone down. Out of the 40 instruments in the Forex asset class, EUR/AUD ended up ranking 30th for the day in terms of price change. Here is a price chart of EUR/AUD.

EUR/AUD Technical Analysis

The first thing we should note is that EUR/AUD is now close to its 20 and 50 day averages, located at 1.6258 and 1.6322 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 20 day average, which is 92 pips away. The clearest trend exists on the 90 day timeframe, which shows price moving down over that time. Price action traders in particular will want to note that the 14 day period appears to show price forming a base; this could indicate that a support/resistance level is developing. Or to simplify this another way, note that out of the past 30 days EUR/AUD’s price has gone up 14 them. 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

We’re seeing some traders come out with interesting conviction on EURAUD, with 19 buy signals on our radar and 10 sell signals. This imputes a buy/sell ratio of 1.9, which is bullish. As for the rationale, technical traders seem to be citing the appearance of a trendline technical pattern. Here’s a piece we found on tradingview.com; below is a short snippet from it to give you a taste.

SFP with DivergenceCloses above previous low on 30 min chart