AUDEUR drops to lowest close since October 10, 2018
Australian Dollar/Euro (AUDEUR) Technical Analysis Report for Jun 14, 2019 | by Techniquant Editorial Team
Moving lower for the 8th day in a row, AUDEUR finished the week -0.76% lower at 0.6130 after losing 2 pips (-0.03%) today. Today's close at 0.6130 marks the lowest recorded closing price since October 10, 2018. Closing within the previous day's range, prices failed to decisively move beyond the prior day's trading range in a lackluster session.
Daily Candlestick Chart (AUDEUR as at Jun 14, 2019):
Friday's trading range has been 23 pips (0.38%), that's below the last trading month's daily average range of 28 pips. Things look different on the weekly timeframe, where the market's trading range of the last week has been above the market's average weekly trading range. The longer-term, monthly volatility is currently slightly lower than usual for AUDEUR.
Two candlestick patterns are matching today's price action, the Takuri Line and the Tweezer Bottom which are both known as bullish patterns. The last time a Tweezer Bottom showed up on May 23rd, AUDEUR gained 0.19% on the following trading day.
Prices are trading close to the key technical resistance level at 0.6149 (R1). After having been unable to move lower than 0.6111 in the previous session, the market found buyers again around the same price level today at 0.6111.
The trend is clearly bearish, showing an intact downtrend in the short, medium and long-term.
Among the five market conditions that our pattern recognition engine identified today, the statistics for the Price Action based market condition "8 Consecutive Lower Closes" stand out. Its common bearish interpretation has been confirmed for AUD/EUR. Out of 1 times, AUDEUR closed lower 100.00% of the time on the next trading day after the market condition occurred. The optimal exit for swing trading this condition on the short side has been after seven trading days, showing a win rate of 100.00% with an average market move of -0.72%.