EUR/AUD Up 9 Pips Over Past 4 Hours, Moves Down For the 5th Day In A Row; Pin Bar Pattern Appearing on Chart

EUR/AUD 4 Hour Price Update

Updated July 06, 2020 05:07 AM GMT (01:07 AM EST)

EUR/AUD is up 9 pips (0.06%) since the last 4 hour candle (opening the current 4 hour candle near 1.6199), marking the 2nd candle in a row it has gone up. Compared to its peers in the Forex, EUR/AUD gave its buyers a return that ranked 19th 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 day prior (opening today near 1.61889), marking the 5th day in a row it has gone down. Out of the 40 instruments in the Forex asset class, EUR/AUD ended up ranking 20th for the day in terms of price change. Let’s take a look at price chart of 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 and 50 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 128.2 pips away. It should be noted, though, the 200 day simple moving average turned downwards, which may be a bearish sign. Trend traders will want to observe that the strongest trend appears on the 14 day horizon; over that time period, price has been moving down. Also of note is that on a 30 day basis price appears to be forming a base — which could the stage for it being a support/resistance level going forward. For additional context, note that price has gone down 8 out of the past 14 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

Of note is that traders in aggregate have opinions on EURAUD, with 5 buy signals on our radar and 8 sell signals. This imputes a buy/sell ratio of 0.62, which is bearish. 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.

EUR/AUD ANALYSIS 7/5Check out last week analysis regarding this pair herehttps://www.tradingview.com/chart/EURAUD/YMiwKesO-EUR-AUD-LONG-POTENTIAL/(I update my pairs frequently, NOT on tradingview)Price has broken out of the current triangle structure We may now see price re-test initial support once again this time as resistance and depending on how price reactwe can determine if we drop more before bullish or we just go into bullishDefinitely expecting AUD weaknessWill have to wait and see how price shapes up over the week!…TO STAY UPDATED REGARDING THIS PAIR……🎇 ⬇ CHECK OUT BELOW ⬇ 🎇