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The bearish tendency, which started yesterday, successfully managed to continue, as today the EUR/AUD currency couple experienced another consequent decline, which has already managed to to breach the 55-day SMA, and now the price is slowly approaching the 200-day SMA at 1.2427, which is very likely to stop the prevailing downtrend. In case it is broken, then the currency pair might reach the lower Bollinger Band at 1.2392, which in turn is expected to change the direction of the current movement downwards. Additionally, the overall indicator outlook is negative, therefore supporting the current tendency.
Traders' sentiment
SWFX market participants have mixed feelings regarding the EUR/AUD currency pair, since 55% of traders hold long positions and 45% of traders hold short positions. The distribution of orders, however, spots strong downtrend expectations, as 32% of traders ordered to buy and 68% ordered to sell the single currency.
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