© Dukascopy Bank SA
The bearish tendency, which started less than a week ago, has failed to continue, as today the EUR/AUD currency pair experienced a slight bullish correction, and at the particular moment the currency couple moves towards the weekly PP at 1.2661, which might slow down the prevailing rally. However, if it is broken, then the price might reach the monthly R2 at 1.2740, which in turn is expected to reverse the current movement upwards. Moreover, the overall indicator outlook is neutral, and it is not expected to change in the nearest future.
Traders' sentiment
SWFX market participants are optimistic regarding the EUR/AUD currency pair, as 57% of traders hold bullish positions and only 43% of traders hold bearish positions. The situation with orders, however, shows some downtrend expectations, since 38% of traders ordered to buy and 62% ordered to sell the single currency.
© Dukascopy Bank SA