EUR/AUD Down 62 Pips; Breaks Below 20 Average

EUR/AUD Price Recap

EUR/AUD is down 62 pips (0.38%) since yesterday (with its current price near 1.6256), marking the 2nd day in a row a decline has happened. This move happened on fewer tick price changes which may be a proxy for volume, as yesterday’s total tick count was down 14.63% from the day before — and down 33.2% from the same day the week before. Out of the 40 instruments in the Forex asset class, EUR/AUD ended up ranking 37th for the day in terms of day-over-day price change. Let’s take a look at price chart of EUR/AUD.

EUR/AUD Technical Analysis

Notably, EUR/AUD crossed below its 20 day moving average 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 20 day average, which is 26.4 pips away. It should be noted, though, the 50 and 100 day simple moving averages turned downwards, which may be a bearish sign. 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. Or to simplify this another way, note that out of the past 10 days EUR/AUD’s price has gone up 5 them.

The View From Around the Web

We’re seeing some traders come out with interesting conviction on EURAUD, with 13 buy signals on our radar and 15 sell signals. This imputes a buy/sell ratio of 0.87, which is neutral. As for the rationale, technical traders seem to be citing the appearance of channel, fibonacci, flag, relative strength index 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.