EUR/AUD Moves Up For the 7th Day In A Row, in an Uptrend Over Past 14 Days; Sentiment Suggests Sellers in Charge

EUR/AUD Price Recap

EUR/AUD is up 119 pips (0.72%) since yesterday (with its current price near 1.67437), marking the 7th day in a row an increase has occurred. The price move occurred on stronger volume, as measured by the number of tick price changes; specifically, yesterday’s volume was up 27.66% from the day prior, and up 140.15% from the same day the week before. Out of the 40 instruments in the Forex asset class, EUR/AUD ended up ranking 11th 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

Coming into today the current price of EUR/AUD is sitting close to its 20 day moving averages; moving average crosses often indicate a change in momentum, so this may be worth keeping an eye on. 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 399.2 pips away. 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

Of note is that traders in aggregate have opinions on EURAUD, with 6 buy signals on our radar and 27 sell signals. This imputes a buy/sell ratio of 0.22, 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.

Entry Levels 1.67479/1.67587/1.68292/ 1.69902See charts for potential targets.Earlier post with Critical Entry Levels:https://www.tradingview.com/chart/EURAUD/zEfmSCkq-EURAUD-Short-Critical-Levels-1-67479-1-67587-1-68292-1-69902/Like, Share, Follow, and Support this channel for yet better content.Thank you and happy trading.