EUR/AUD Up 188 Pips; in an Uptrend Over Past 14 Days

EUR/AUD Price Recap

The back and forth price flow continues for EUR/AUD, which starts today off at 1.69888 US dollars, up 188 pips 1.12% from the previous day. The price move occurred on volume — and we’re using the number of tick price changes as a proxy for volume — that was down 16.54% from the day prior, but up 20.14% from the same day the week before. Out of the 40 instruments in the Forex asset class, EUR/AUD ended up ranking 4th for the day in terms of day-over-day price change. Below is a price chart of EUR/AUD.

EUR/AUD Technical Analysis

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. Or to simplify this another way, note that out of the past 10 days EUR/AUD’s price has gone up 8 them.

The View From Around the Web

Of note is that traders in aggregate have opinions on EURAUD, with 9 buy signals on our radar and 18 sell signals. This imputes a buy/sell ratio of 0.5, 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.

You can see that the wave respected the weekly and monthly resistance, which alined with the rsi being in the overbought zone. see link below!Also the wave respected the 0.618 level which is a strong level to short.