EUR/AUD Down 1 Pips in Last 4 Hours, Eyes 20 Day Average; Pin Bar Pattern Appearing on Chart

EUR/AUD 4 Hour Price Update

Updated June 26, 2020 01:11 PM GMT (09:11 AM EST)

EUR/AUD entered the current 4 hour candle at 1.6306, down 1 pips (0.01%) from the last 4 hour candle. Compared to its peers in the Forex, EUR/AUD gave its buyers a return that ranked 15th 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 is down 2 pips (0.01%) since the previous day (opening today near 1.62854), marking the 2nd day in a row a decline has happened. Relative to other instruments in the Forex asset class, EUR/AUD ranked 34th the previous day 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 28.2 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. For additional context, note that price has gone down 8 out of the past 14 days. Also, candlestick traders! Note we see pin bar pattern appearing here as well.

The View From Around the Web

We’re seeing some traders come out with interesting conviction on EURAUD, with 6 buy signals on our radar and 20 sell signals. This imputes a buy/sell ratio of 0.3, which is bearish. As for the rationale, technical traders seem to be citing the appearance of elliott wave and trendline technical patterns. Here’s a piece we found on tradingview.com; below is a short snippet from it to give you a taste.

on H4: EURAUD is overall bearish trading inside our green channel and it is currently sitting around our upper green trendline so we will be looking for objective sell setups on lower timeframes….on M30: we are waiting for a new swing to form around our lower red trendline to consider it objective and enter on its break downward….on H4: we are waiting for a momentum candle close above our last swing to buy.