EUR/AUD Down 6 Pips On 4 Hour Chart, Nears 20 and 50 Day Moving Averages; Pin Bar Pattern Appearing on Chart

EUR/AUD 4 Hour Price Update

Updated July 29, 2020 01:13 AM GMT (09:13 PM EST)

EUR/AUD is down 6 pips (0.04%) since the previous 4 hours (opening the current 4 hour candle near 1.6365), marking the 6th candle in a row a decrease has occurred. Out of the 37 instruments in the Forex asset class, EUR/AUD ended up ranking 26th for the four-hour candle in terms of price change.

EUR/AUD End of Day Recap

Updated 00:30 GMT (04:30 EST)

The choppiness in the recent daily price action of EUR/AUD continues; to start today, it came in at a price of 1.63674, up 8 pips (0.05%) since yesterday. Out of the 40 instruments in the Forex asset class, EUR/AUD ended up ranking 17th for the day in terms of price change. Here is a price chart of EUR/AUD.

EUR/AUD

EUR/AUD Technical Analysis

Coming into today the current price of EUR/AUD is sitting close to its 20, 50, 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 20 day average, which is 60.8 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. Or to simplify this another way, note that out of the past 14 days EUR/AUD’s price has gone up 9 them. Also, candlestick traders! Note we see pin bar pattern appearing here as well.

The View From Around the Web

Of note is that traders in aggregate have opinions on EURAUD, with 17 buy signals on our radar and 11 sell signals. This imputes a buy/sell ratio of 1.55, which is bullish. As for the rationale, technical traders seem to be citing the appearance of channel and gartley technical patterns. Here’s a piece we found on tradingview.com; below is a short snippet from it to give you a taste.

detailed stats and trading levels are on this screenshot: https://prnt.sc/tpzrp8Note:1) The stats are only valid if you find patterns the same way as I do2) The stats are only valid for this financial asset and this timeframe3) WIn% = win probability; Loss%=loss probability….You should read it this way: “In this trade I have a Loss% probability to lose what I am risking….The combination on the chart is the one that has the best RR-expectancy with win% >= 50%6) The pattern is supposed to be traded with limit orders with pending stops and target orders.