EUR/AUD Up 25 Pips Over Past 4 Hours; Came Into Today Up For the 2nd Day In A Row

EUR/AUD 4 Hour Price Update

Updated July 30, 2020 01:06 AM GMT (09:06 PM EST)

EUR/AUD entered the current 4 hour candle at 1.6427, up 25 pips (0.15%) from the last 4 hour candle. Relative to other instruments in the Forex asset class, EUR/AUD ranked 2nd 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 is up 17 pips (0.11%) since yesterday (opening today near 1.6421), marking the 2nd day in a row an increase has occurred. Out of the 40 instruments in the Forex asset class, EUR/AUD ended up ranking 7th for the day in terms of price change. Let’s take a look at 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 102.9 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. It should be noted, though, that a trend in the opposite direction, going up, exists on the 30 day timeframe. Or to simplify this another way, note that out of the past 10 days EUR/AUD’s price has gone up 7 them.

The View From Around the Web

We’re seeing some traders come out with interesting conviction on EURAUD, with 15 buy signals on our radar and 6 sell signals. This imputes a buy/sell ratio of 2.5, which is bullish. As for the rationale, technical traders seem to be citing the appearance of fibonacci and flag technical patterns. Here’s a piece we found on tradingview.com; below is a short snippet from it to give you a taste.

A breakout and retest of the flag pattern signifies a continuation of the bullish move….Our target is a completion of the last leg of zigzag correctionA very good Risk reward ratio of 3.29….Kindly like and follow if you find this analysis useful.