EUR/AUD Up 16 Pips Over Past 4 Hours, 3 Day Down Streak Snapped; in a Downtrend Over Past 30 Days

EUR/AUD 4 Hour Price Update

Updated May 21, 2020 12:47 AM GMT (08:47 PM EST)

After 3 down four-hour candles, EUR/AUD snaps its streak, rising 16 pips (0.1%) over the past four-hour candle to close at an exchange rate of 1.6659. Relative to other instruments in the Forex asset class, EUR/AUD ranked 4th the previous 4 hours in terms of percentage price change.

EUR/AUD End of Day Recap

Updated 00:30 GMT (04:30 EST)

EUR/AUD, which opened today priced near 1.66627, is up 27 pips 0.16% since the day prior, marking a reversal from the day prior — and the end of a 3 day negative run. Out of the 40 instruments in the Forex asset class, EUR/AUD ended up ranking 2nd for the day in terms of price change. Let’s take a look at price chart of EUR/AUD.

EUR/AUD Technical Analysis

Notably, EUR/AUD is now close to its 20, 100 and 200 day averages, located at 1.6772, 1.7053 and 1.6614 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 200 day average, which is 48.5 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 30 day timeframe, which shows price moving down over that time. Price action traders in particular will want to note that the 14 and 90 day periods 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 10 days EUR/AUD’s price has gone up 6 them. Oh, and one last thing: if you trade off of candlesticks, note that we’re seeing pin bar pattern appearing here.

The View From Around the Web

Of note is that traders in aggregate have opinions on EURAUD, with 4 buy signals on our radar and 6 sell signals. This imputes a buy/sell ratio of 0.67, which is bearish. As for the rationale, technical traders seem to be citing the appearance of a channel technical pattern. Here’s a piece we found on; below is a short snippet from it to give you a taste.

Resistance line price….Therefore, now I expect a fall in prices to the support line….Breakdown of the resistance line and level – Cancel.