EUR/AUD Up 38 Pips; in an Uptrend Over Past 14 Days

EUR/AUD Price Recap

1.73794 (USD) was the opening price of the day for EUR/AUD, resulting in yesterday being a day in which price moved up 38 pips 0.22% from the day prior. The price move occurred on volume — and we’re using the number of tick price changes as a proxy for volume — that was down 24.55% from the day prior, but up 27.99% 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. The price chart of EUR/AUD below illustrates.

EUR/AUD Technical Analysis

Trend traders will want to observe that the strongest trend appears on the 30 day horizon; over that time period, price has been moving up. Or to simplify this another way, note that out of the past 30 days EUR/AUD’s price has gone up 17 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 8 sell signals. This imputes a buy/sell ratio of 0.62, which is bearish. As for the rationale, technical traders seem to be citing the appearance of triangle 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.

The market has been abit wild from the start, however, when we check it it seems to have behaved in a normal fashion….Initially with the falling wedge taking the price up,(I did not expect it to go this high 🙂 ) now to a symmetrical triangle as I see it….Market can head either way but on the daily view we see a big price rejection yesterday, the chance of it goin down is abit more high as per me.