EUR/AUD Down 27 Pips Over Past 4 Hours, 3 Day Up Streak Ended; Pin Bar Pattern Appearing on Chart

EUR/AUD 4 Hour Price Update

Updated July 27, 2020 09:09 PM GMT (05:09 PM EST)

A moment of silence, please, for the end of EUR/AUD’s 3 four-hour candle up streak; price ended the last 4 hour candle down 27 pips (-0.16%) to finish the four-hour candle at a rate of 1.6445. Compared to its peers in the Forex, EUR/AUD gave its buyers a return that ranked 31st 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 1.63999, is down 0 pips 0% since the day prior, marking NA — 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. Below is a price chart of EUR/AUD.

EUR/AUD

EUR/AUD Technical Analysis

The first thing we should note is that 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 50 day average, which is 90.9 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. Price action traders in particular will want to note that the 30 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 up 16 out of the past 30 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

We’re seeing some traders come out with interesting conviction on EURAUD, with 14 buy signals on our radar and 12 sell signals. This imputes a buy/sell ratio of 1.17, which is neutral. 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; below is a short snippet from it to give you a taste.

We have a breakout of bearish structure with bearish divergence.Sell stop placed below corrective structure.Trade will be moved to break even after reaching 1:1