EUR/AUD Down 7 Pips, in a Downtrend Over Past 14 Days; Nears 50, 100 and 200 Day Moving Averages

EUR/AUD Price Recap

EUR/AUD is down 7 pips (0.04%) since yesterday (with its current price near 1.61312), marking the 4th day in a row a decrease has occurred. The price move occurred on volume — and we’re using the number of tick price changes as a proxy for volume — that was up 7.6% from the day prior, but down 18.16% from the same day the week before. Out of the 40 instruments in the Forex asset class, EUR/AUD ended up ranking 18th for the day in terms of day-over-day price change. Here is a price chart of EUR/AUD.

EUR/AUD Technical Analysis

Notably, EUR/AUD is now close to its 20, 50, 100 and 200 day averages, located at 1.6281, 1.6189, 1.6204 and 1.621 respectively, and thus may be at a key juncture along those timeframes. 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 57.9 pips away. 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. For additional context, note that price has gone up 7 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

We’re seeing some traders come out with interesting conviction on EURAUD, with 24 buy signals on our radar and 16 sell signals. This imputes a buy/sell ratio of 1.5, which is bullish. As for the rationale, technical traders seem to be citing the appearance of channel, divergence and relative strength index technical patterns. Here’s a piece we found on tradingview.com; below is a short snippet from it to give you a taste.

Price is finding support at trend line and horizontal support. Bullish divergence on RSI. SL and TP levels are on chart