EUR/AUD Up 8 Pips On 4 Hour Chart, Eyes 20 Day Average; Pin Bar Pattern Appearing on Chart

EUR/AUD 4 Hour Price Update

Updated July 02, 2020 01:16 AM GMT (09:16 PM EST)

The back and forth price flow continues for EUR/AUD, which started the current 4 hour candle off at 1.6278, up 8 pips 0.05% from the previous 4 hours. Out of the 37 instruments in the Forex asset class, EUR/AUD ended up ranking 4th for the four-hour candle in terms of price change.

EUR/AUD End of Day Recap

Updated 00:30 GMT (04:30 EST)

The back and forth price flow continues for EUR/AUD, which started today off at 1.62673, down 0 pips 0% from the previous day. Out of the 40 instruments in the Forex asset class, EUR/AUD ended up ranking 21st for the day in terms of price change. The price chart of EUR/AUD below illustrates.

EUR/AUD Technical Analysis

Notably, EUR/AUD is now close to its 20, 50 and 200 day averages, located at 1.6337, 1.6475 and 1.6645 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 20 day average, which is 69.6 pips away. It should be noted, though, the 20 day simple moving average turned downwards, which may be a bearish sign. 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. Or to simplify this another way, note that out of the past 10 days EUR/AUD’s price has gone up 5 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

We’re seeing some traders come out with interesting conviction on EURAUD, with 15 buy signals on our radar and 18 sell signals. This imputes a buy/sell ratio of 0.83, which is neutral. As for the rationale, technical traders seem to be citing the appearance of fibonacci and triangle technical patterns. Here’s a piece we found on tradingview.com; below is a short snippet from it to give you a taste.

https://www.tradingview.com/x/mD4aIn9P/It has currently reached the channels support line, and a long term horizontal support too, while being pressed by three lesser resistance lines….My take is that the support lines are older and stronger, and it is reasonable to expect the long term uptrend to continue….Therefore, there either will be a breakout upwards in the near term, which implies a long swing trade now, with SL below the diagonal support line, or, there will be a retest of the horizontal structure, and then a move upwards.