EUR/AUD Up 571 Pips, in an Uptrend Over Past 30 Days; Sentiment Strongly Favors Sellers

EUR/AUD Price Recap

EUR/AUD is up 571 pips (3.11%) since yesterday (with its current price near 1.89003), marking the 6th 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 13.47% from the day prior, and up 31.74% from the same day the week before. Relative to other instruments in the Forex asset class, EUR/AUD ranked 5th yesterday in terms of percentage price change. Here 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. For additional context, note that price has gone up 10 out of the past 14 days.

The View From Around the Web

Of note is that traders in aggregate have opinions on EURAUD, with 3 buy signals on our radar and 20 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 wedge technical pattern. Here’s a piece we found on tradingview.com; below is a short snippet from it to give you a taste.

I’ll take this trade again all day. We have been doing our job waiting for “good” setups, the Market is just not interested in providing easy trades right now. MACD – present RSI – overbought on 1H, 4H, daily.Shooting Star candle1% Risk, 2:1RR