EUR/AUD Makes Big Move Relative to Past Three Months, in an Uptrend Over Past 14 Days; Pin Bar Pattern Appearing on Chart

EUR/AUD Price Recap

The choppiness in the recent daily price action of EUR/AUD continues; to start today, it comes in at a price of 1.73569 US dollars, up 378 pips (2.22%) since yesterday. The price move occurred on volume — and we’re using the number of tick price changes as a proxy for volume — that was down 24.88% from the day prior, but up 128.46% from the same day the week before. Relative to other instruments in the Forex asset class, EUR/AUD ranked 7th yesterday in terms of percentage price change. Let’s take a look at price chart of EUR/AUD.

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 18 out of the past 30 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 5 buy signals on our radar and 7 sell signals. This imputes a buy/sell ratio of 0.71, 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.