EUR/AUD Down 26 Pips in Last 4 Hours, Makes Big Move Relative to Two Week Trend; Price Base in Formation Over Past 14 Days

EUR/AUD 4 Hour Price Update

Updated June 30, 2020 09:09 PM GMT (05:09 PM EST)

EUR/AUD is down 26 pips (0.16%) since the last 4 hour candle (opening the current 4 hour candle near 1.628), marking the 3rd candle in a row it has gone down. Compared to its peers in the Forex, EUR/AUD gave its buyers a return that ranked 29th 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, which opened today priced near 1.6364, is down 2 pips 0.01% since the day prior, marking a reversal from the day prior — and the end of a 3 day positive run. Relative to other instruments in the Forex asset class, EUR/AUD ranked 31st the day prior in terms of percentage price change. Here is a price chart of EUR/AUD.

EUR/AUD Technical Analysis

Notably, EUR/AUD is now close to its 20, 50 and 200 day moving averages, which may act as price barrier for the asset. 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 30.5 pips away. Volatility for EUR/AUD has been contracting over the past two weeks relative to volatility over the past month. Whether volatility reverts will be something to watch. 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. For additional context, note that price has gone down 7 out of the past 14 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 22 buy signals on our radar and 4 sell signals. This imputes a buy/sell ratio of 5.5, which is very bullish. As for the rationale, technical traders seem to be citing the appearance of a channel technical pattern. Here’s a piece we found on tradingview.com that we thought you might enjoy.