© Dukascopy Bank SA
The downtrend, which started three days ago, managed to continue, and today the EUR/AUD currency couple has already breached the 200-day SMA, and at the particular moment the price is about to test the weekly R1 at 1.2392,which is likely to bring some bullish impulse, however, if it fails to stop the movement downwards, then the price might reach the 20-day SMA at 1.2350, which is expected to reverse the prevailing tendency. Moreover, the overall indicator outlook is bullish, therefore supporting the potential trend reversal in the nearest future.
Traders' sentiment
Traders at SWFX market are neutral regarding the EUR/AUD currency pair, since 46% of traders hold bullish positions and 54% of traders hold bearish positions. However, the distribution of orders clearly spots bearish trend expectations, as only 27% of traders ordered to buy and almost 73% ordered to sell the Euro.
© Dukascopy Bank SA