EUR/AUD Up 119 Pips, in an Uptrend Over Past 14 Days; Social Sentiment Biased Towards Selling

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. Relative to other instruments in the Forex asset class, EUR/AUD ranked 11th yesterday in terms of percentage price change. Let’s take a look at price chart of EUR/AUD.

EUR/AUD Technical Analysis

The first thing we should note is that EUR/AUD is now close to its 20 day moving averages, which may act as price barrier for the asset. 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. Trend traders will want to observe that the strongest trend appears on the 14 day horizon; over that time period, price has been moving up. For additional context, note that price has gone up 19 out of the past 30 days.

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 40 sell signals. This imputes a buy/sell ratio of 0.15, which is quite 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; below is a short snippet from it to give you a taste.

Currently Price is trading above critical levels, “potential” one more up-push to 1.74691 before anticipated rejection to down-side. Meaning another GTC short opportunity at 1.74691– OR possibly Decline is already on its way!Like this Idea?Like, Share, Follow, and Support this channel for yet better content.Thank you and happy trading.