EUR/AUD Heads Up For the 6th Day In A Row, in an Uptrend Over Past 14 Days; Price Base in Formation Over Past 30 Days

EUR/AUD Price Recap

EUR/AUD is up 146 pips (0.89%) since yesterday (with its current price near 1.66243), marking the 6th day in a row an upward move has occurred. The price move occurred on stronger volume, as measured by the number of tick price changes; specifically, yesterday’s volume was up 11.87% from the day prior, and up 227.03% from the same day the week before. Relative to other instruments in the Forex asset class, EUR/AUD ranked 2nd yesterday in terms of percentage price change. Here is a price chart of EUR/AUD.

EUR/AUD Technical Analysis

Notably, EUR/AUD is now close to its 20 day averages, located at 1.6328 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 20 day average, which is 296.6 pips away. The clearest trend exists on the 14 day timeframe, which shows price moving up over that time. Also of note is that on a 30 day basis price appears to be forming a base — which could the stage for it being a support/resistance level going forward. For additional context, note that price has gone up 8 out of the past 14 days.

The View From Around the Web

We’re seeing some traders come out with interesting conviction on EURAUD, with 3 buy signals on our radar and 22 sell signals. This imputes a buy/sell ratio of 0.14, which is quite bearish. As for the rationale, technical traders seem to be citing the appearance of channel, double top, fibonacci 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.

third touch on hourly trend A double top formation on 4 hourly Still a bullish trend, we are selling towards lower channel