EUR/AUD Up 12 Pips Over Past Hour, in a Downtrend Over Past 14 Days; Pin Bar Pattern Appearing on Chart
This imputes a buy/sell ratio of 1.83, which is bullish.
(Last Updated January 18, 2021)
Hello! This is the news page for EURAUD. Below you’ll find our daily market updates. Here’s a technical and fundamental summary of where things currently stand:
metric_name | reference_period | asset_name | asset_id | date | time | forecast | outcome |
---|---|---|---|---|---|---|---|
Euro Area Eurogroup Video Conference | NA | Euro | EUR | 2021-01-18 | 08:00 GMT | ||
Euro Area ECB President Lagarde Speech | NA | Euro | EUR | 2021-01-18 | 08:00 GMT | ||
Australia HIA New Home Sales MoM | Dec 2020 | Australian Dollar | AUD | 2021-01-19 | 00:00 GMT | ||
European Union New Car Registrations YoY | Dec 2020 | Euro | EUR | 2021-01-19 | 07:00 GMT | ||
Euro Area Construction Output YoY | Nov 2020 | Euro | EUR | 2021-01-19 | 10:00 GMT |
If we observe the 90, 30 and 14 day timeframes, we see a downtrend in place for EURAUD.
Across several time periods between 20 and 200 days, the trend on EURAUD has remained consistently bearish.
Below is a chart showing EURAUD’s price with its moving averages.
As for assets in the Forex asset class EURAUD has been correlated to over the past week, it has been most correlated with ZARJPY. Over the past 14 days, however, the asset showing the strongest correlation to EURAUD is AUDCHF. Alternatively, USDNOK has been the asset least correlated with EURAUD — but if we observe the prior two weeks, the asset least correlated with EURAUD has been GBPNZD. The chart below illustrates EURAUD against its least correlated assets.
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At the time of this writing, EURAUD’s rate is down -57 pips (-0.36%) from the week prior. EURAUD has seen its price go down 4 out of the past 5 weeks, thus creating some compelling opportunities for bears. If you’re a trend trader, consider that the strongest clear trend on the weekly chart exists on the 20 week timeframe. Looking further out, the moving averages on the weekly timeframe suggest a choppiness in price, as the are all in a mixed alignment — meaning the trend across timeframes is inconsistent, indicating a potential opportunity for rangebound traders. EURAUD’s weekly price action over the past 52 weeks can be seen via the chart below.
Clearest trend on the monthly is apparent at the 120 month timeframe.
This imputes a buy/sell ratio of 1.83, which is bullish.
If you’re a trend trader, consider that the strongest clear trend on the hourly chart exists on the 50 hour timeframe.
As for the rationale, technical traders seem to be citing the appearance of demand zone and supply zone technical patterns.
Of note is that the 20 hour changed directions on euraud; it is now pointing down.
Given that we see an uptrend on the 20 hourly candle timeframe, and that such candlestick patterns often denote reversals, this may be worth noting.
Price action traders may also wish to note that we see a pin bar candlestick pattern on euraud.
Relative to other instruments in the forex asset class, euraud ranked 16th the previous day in terms of percentage price change.
This is a reversal of the price action on the previous hour, in which price moved down.
Trend traders will want to observe that the strongest trend appears on the 14 day horizon; over that time period, price has been moving down.
For additional context, note that price has gone down 17 out of the past 30 days.