EUR/AUD Down 17 Pips On 4 Hour Chart, Came Into Today Down For the 2nd Day In A Row; Eyes 20 Day Average

EUR/AUD 4 Hour Price Update

Updated June 23, 2020 01:08 PM GMT (09:08 AM EST)

EUR/AUD is down 17 pips (0.1%) since the last 4 hour candle (opening the current 4 hour candle near 1.6277), marking the 2nd candle in a row a decrease has occurred. Relative to other instruments in the Forex asset class, EUR/AUD ranked 30th the last 4 hour candle in terms of percentage price change.

EUR/AUD End of Day Recap

Updated 00:30 GMT (04:30 EST)

EUR/AUD is down 29 pips (0.18%) since the previous day (opening today near 1.62703), marking the 2nd day in a row a decrease has occurred. Out of the 40 instruments in the Forex asset class, EUR/AUD ended up ranking 38th for the day in terms of price change. The price chart of EUR/AUD below illustrates.

EUR/AUD Technical Analysis

Coming into today the current price of EUR/AUD is sitting close to its 20, 50 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 20 day average, which is 33.8 pips away. 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 9 out of the past 14 days. 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 24 buy signals on our radar and 7 sell signals. This imputes a buy/sell ratio of 3.43, which is bullish. As for the rationale, technical traders seem to be citing the appearance of a trendline technical pattern. Here’s a piece we found on tradingview.com; below is a short snippet from it to give you a taste.

The local demand zone may hold, sending price above the local supply zone and above the resistive trendline….The first target would be the local supply zone and resistive trendline….Further targets can be placed based on a bullish break of the resistive trendline and local supply zone.