EUR/AUD Down 15 Pips, in an Uptrend Over Past 90 Days; Pin Bar Pattern Appearing on Chart

EUR/AUD Price Recap

EUR/AUD enters today at 1.73416 in US dollars, down 15 pips (0.09%) from the day prior. The price move occurred on stronger volume, as measured by the number of tick price changes; specifically, yesterday’s volume was up 14.4% from the day prior, and up 45.63% from the same day the week before. Relative to other instruments in the Forex asset class, EUR/AUD ranked 24th yesterday in terms of percentage price change. The price chart of EUR/AUD below illustrates.

EUR/AUD Technical Analysis

Trend traders will want to observe that the strongest trend appears on the 30 day horizon; over that time period, price has been moving up. For additional context, note that price has gone up 10 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

Of note is that traders in aggregate have opinions on EURAUD, with 7 buy signals on our radar and 9 sell signals. This imputes a buy/sell ratio of 0.78, 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.

The market has been abit wild from the start, however, when we check it it seems to have behaved in a normal fashion….Initially with the falling wedge taking the price up,(I did not expect it to go this high 🙂 ) now to a symmetrical triangle as I see it….Market can head either way but on the daily view we see a big price rejection yesterday, the chance of it goin down is abit more high as per me.