AUDEUR closes higher for the 2nd day in a row


Australian Dollar/Euro (AUDEUR) Technical Analysis Report for Mar 27, 2020 | by Techniquant Editorial Team

Highlights

AUDEUR finds buyers at key support level
AUDEUR closes higher for the 2nd day in a row
AUDEUR pushes through Thursday's high

Overview

Moving higher for the 2nd day in a row, AUDEUR ended the week 2.03% higher at 0.5532 after gaining 35 pips (0.64%) today. Closing above Thursday's high at 0.5518, the pair confirmed its breakout through the previous session high after trading up to 55 pips above it intraday.

Daily Candlestick Chart (AUDEUR as at Mar 27, 2020):

Daily technical analysis candlestick chart for Australian Dollar/Euro (AUDEUR) as at Mar 27, 2020

Friday's trading range has been 105 pips (1.91%), that's slightly below the last trading month's daily average range of 156 pips. Weekly volatility is also lower, being below the market's average weekly trading range. The longer-term, monthly volatility is currently significantly higher than usual for AUDEUR.

After trading down to 0.5468 earlier during the day, the forex pair bounced off the key technical support level at 0.5488 (S1). The failure to close below the support could increase that levels significance as support going forward. When prices bounced off a significant support level the last time on February 24th, AUDEUR actually lost -0.30% on the following trading day.

The trend is clearly bearish, showing an intact downtrend in the short, medium and long-term.

Buying might speed up should prices move above the close-by swing high at 0.5607 where further buy stops could get triggered.

Among the five market conditions that our pattern recognition engine identified today, the statistics for the Support/Resistance based market condition "Bounced off Technical Support S1" stand out. Its common bullish interpretation has been confirmed for AUD/EUR. Out of 550 times, AUDEUR closed higher 53.09% of the time on the next trading day after the market condition occurred. The optimal exit for swing trading this condition on the long side has been after three trading days, showing a win rate of 54.00% with an average market move of 0.07%.


Market Conditions for AUDEUR as at Mar 27, 2020

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