EUR/AUD Underperforms All Forex, Moves Down For the 2nd Day In A Row; But Still in an Uptrend Over Past 90 Days

EUR/AUD Price Recap

EUR/AUD is down 166 pips (0.98%) since yesterday (with its current price near 1.6801), marking the 2nd 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 down 28.61% from the day prior, but up 50.72% from the same day the week before. On a relative basis, EUR/AUD was the worst performer out of all 40 of the assets in the Forex asset class. Here is a price chart of EUR/AUD.

EUR/AUD Technical Analysis

Coming into today EUR/AUD is now close to its 20 day averages, located at 1.6441 respectively, and thus may be at a key juncture along those timeframes. 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 18 them.

The View From Around the Web

Of note is that traders in aggregate have opinions on EURAUD, with 5 buy signals on our radar and 30 sell signals. This imputes a buy/sell ratio of 0.17, which is quite bearish. As for the rationale, technical traders seem to be citing the appearance of channel, fibonacci, relative strength index and wedge technical patterns. Here’s a piece we found on tradingview.com; below is a short snippet from it to give you a taste.

There is a descending wedge. This idea needs you to check the price action during the first hour of trading.