EUR/AUD Down 16 Pips Over Past 4 Hours, in a Downtrend Over Past 30 Days; is Inching Close to 20 Day Average

EUR/AUD 4 Hour Price Update

Updated June 19, 2020 09:23 AM GMT (05:23 AM EST)

EUR/AUD is down 16 pips (0.1%) since the previous 4 hours (opening the current 4 hour candle near 1.6322), marking the 3rd candle in a row a decrease has occurred. Compared to its peers in the Forex, EUR/AUD gave its buyers a return that ranked 27th in terms of percentage change since the previous 4 hours.

EUR/AUD End of Day Recap

Updated 00:30 GMT (04:30 EST)

EUR/AUD entered today at 1.63386, down 13 pips (0.08%) from the previous day. Out of the 40 instruments in the Forex asset class, EUR/AUD ended up ranking 36th for the day in terms of price change. Here is a price chart of EUR/AUD.

EUR/AUD Technical Analysis

The first thing we should note is that 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 17.4 pips away. It should be noted, though, the 100 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. 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. For additional context, note that price has gone down 18 out of the past 30 days.

The View From Around the Web

Of note is that traders in aggregate have opinions on EURAUD, with 13 buy signals on our radar and 15 sell signals. This imputes a buy/sell ratio of 0.87, which is neutral. As for the rationale, technical traders seem to be citing the appearance of a fibonacci technical pattern. Here’s a piece we found on tradingview.com; below is a short snippet from it to give you a taste.

short position for that pair as buy if price break channel and keep in steadily the bottom price