EUR/AUD Moves Up For the 5th Day In A Row, in an Uptrend Over Past 14 Days; Social Sentiment Biased Towards Selling

EUR/AUD Price Recap

EUR/AUD is up 75 pips (0.41%) since yesterday (with its current price near 1.83295), marking the 5th day in a row an upward move has occurred. This move happened on fewer tick price changes which may be a proxy for volume, as yesterday’s total tick count was down 5.93% from the day before — and down 12.78% from the same day the week before. Relative to other instruments in the Forex asset class, EUR/AUD ranked 10th yesterday in terms of percentage price change. Below is a price chart of EUR/AUD.

EUR/AUD Technical Analysis

The clearest trend exists on the 14 day timeframe, which shows price moving up over that time. Or to simplify this another way, note that out of the past 30 days EUR/AUD’s price has gone up 19 them.

The View From Around the Web

We’re seeing some traders come out with interesting conviction on EURAUD, with 6 buy signals on our radar and 28 sell signals. This imputes a buy/sell ratio of 0.21, which is bearish. As for the rationale, technical traders seem to be citing the appearance of a wedge technical pattern. Here’s a piece we found on tradingview.com; below is a short snippet from it to give you a taste.

If price can break out of the channel I can see a sharp drop taking place….We need the H4 to show more bears….As I write this article price has began to show signs of breaking out.