EUR/AUD Up 94 Pips in Last 4 Hours, Came Into Today Down For the 2nd Day In A Row; Pin Bar Pattern Appearing on Chart

EUR/AUD 4 Hour Price Update

Updated May 15, 2020 01:06 PM GMT (09:06 AM EST)

EUR/AUD entered the current 4 hour candle at 1.6818, up 94 pips (0.56%) from the previous 4 hours. Out of the 37 instruments in the Forex asset class, EUR/AUD ended up ranking 6th for the four-hour candle in terms of price change.

EUR/AUD End of Day Recap

Updated 00:30 GMT (04:30 EST)

EUR/AUD is down 8 pips (0.05%) since the day prior (opening today near 1.67067), marking the 2nd day in a row a decrease has occurred. Compared to its peers in the Forex, EUR/AUD gave its buyers a return that ranked 33rd in terms of percentage change since the day prior. Below is a price chart of EUR/AUD.

EUR/AUD Technical Analysis

Notably, the current price of EUR/AUD is sitting close to its 20, 100 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 85.8 pips away. The clearest trend exists on the 30 day timeframe, which shows price moving down over that time. For additional context, note that price has gone down 19 out of the past 30 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 9 buy signals on our radar and 14 sell signals. This imputes a buy/sell ratio of 0.64, which is bearish. As for the rationale, technical traders seem to be citing the appearance of a wedge technical pattern. Here’s a piece we found on tradingview.com; below is a short snippet from it to give you a taste.

– EURO sobre pressão economica;- Par com muita força bearish em Semanal e Mensal;- Extensão e pullback até 0.618 Fib;- Entrada nos 0.618;