© Dukascopy Bank SA
The bullish tendency, which started a few days ago, failed to advance further, as EUR/AUD rebounded from the weekly R1 at 1.2513, and now the currency couple is slowly approaching the support of the prevailing price channel at 1.2455, which might slow down the bearish reaction. In case it is broken, then the price might reach the weekly PP at 1.2390, which is expected to reverse the direction of the current trend. Moreover, the overall indicator outlook is positive, therefore supporting the potential tendency reversal in the nearest future.
Traders' sentiment
Despite the prevailing bearish trend, traders at SWFX market maintain their neutrality regarding the EUR/AUD currency pair, since 55% of traders hold bullish positions and 45% of traders hold bearish positions. The orders are distributed in a rather similar manner, as 46% of traders ordered to buy and 54% ordered to sell the single European currency.
© Dukascopy Bank SA