EUR/AUD Down 118 Pips; Breaks Below 50, 100 and 200 Averages

EUR/AUD Price Recap

EUR/AUD is down 118 pips (0.73%) since yesterday (with its current price near 1.61381), marking the 3rd day in a row a decline has happened. The price move occurred on volume — and we’re using the number of tick price changes as a proxy for volume — that was up 2.02% from the day prior, but down 29.15% from the same day the week before. Out of the 40 instruments in the Forex asset class, EUR/AUD ended up ranking 38th for the day in terms of day-over-day price change. The price chart of EUR/AUD below illustrates.

EUR/AUD Technical Analysis

Moving average crossovers are always interesting, so let’s start there: EUR/AUD crossed below its 50, 100 and 200 day moving averages yesterday. 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 50 day average, which is 52.1 pips away. It should be noted, though, the 20 day simple moving average turned downwards, which may be a bearish sign. The clearest trend exists on the 30 day timeframe, which shows price moving up over that time. For additional context, note that price has gone up 17 out of the past 30 days.

The View From Around the Web

We’re seeing some traders come out with interesting conviction on EURAUD, with 18 buy signals on our radar and 17 sell signals. This imputes a buy/sell ratio of 1.06, which is neutral. As for the rationale, technical traders seem to be citing the appearance of channel 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.

EURAUD is on an ascending channel.We are looking for buy opportunities near to trendline.