© Dukascopy Bank SA
The bullish trend, which started three days ago, has successfully managed to continue, as today the EUR/AUD currency pair experienced another bullish advance, and at the particular moment the currency couple is heading towards the monthly R2 at 1.2740, which might slow down the rally. In cased it is breached, then the price is likely to reach the weekly R1, which will probably bring some bearish momentum. Nevertheless, the overall indicator outlook remains positive, therefore supporting the current tendency.
Traders' sentiment
Traders at SWFX market are optimistic regarding the potential strength of the single European currency, since 58% of traders hold long and only 42% of traders hold short positions. In contrast, the distribution of orders shows some bearish trend expectations, as only 37% of traders ordered to buy and more than 63% ordered to sell the Euro.
© Dukascopy Bank SA