EUR/AUD Up 46 Pips, in an Uptrend Over Past 14 Days; Social Sentiment Biased Towards Selling

EUR/AUD Price Recap

EUR/AUD is up 46 pips (0.28%) since yesterday (with its current price near 1.64782), marking the 5th day in a row it has gone up. The price move occurred on stronger volume, as measured by the number of tick price changes; specifically, yesterday’s volume was up 4.71% from the day prior, and up 99.47% from the same day the week before. Relative to other instruments in the Forex asset class, EUR/AUD ranked 10th yesterday in terms of percentage price change. Below is a price chart of EUR/AUD.

EUR/AUD Technical Analysis

Notably, EUR/AUD is now close to its 20, 50, 100 and 200 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 166.6 pips away. Volatility for EUR/AUD has exploded over the past two weeks relative to the past 30 days, which technical traders will want to note. 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

We’re seeing some traders come out with interesting conviction on EURAUD, with 2 buy signals on our radar and 23 sell signals. This imputes a buy/sell ratio of 0.09, which is quite bearish. As for the rationale, technical traders seem to be citing the appearance of a relative strength index technical pattern. Here’s a piece we found on tradingview.com; below is a short snippet from it to give you a taste.

EURAUD rebounded from supply zone at level 1.6448False breakout occurred and confirmed by bearish engulfing candlestickMACD shows bearish momentumRSI is in downtrendIt’s expected for coming correction to target first key level at 1.6228then target demand zone at level 1.6094