© Dukascopy Bank SA
The interim bearish tendency, which started more than a week ago, has successfully managed to continue, as today EUR/AUD experienced another consequent movement downwards, which has managed to breach the weekly S2 at 1.2255, and now the currency couple is heading towards the lower Bollinger band at 1.2183, which is expected to change the direction of the prevailing downtrend, however, if it fails to stop the bearish tendency, then the price might reach the weekly S3 at 1.2149, which in turn will probably bring some bullish impulse. In addition, the overall indicator outlook has changed to negative, therefore supporting the current movement downwards.
Traders' sentiment
Traders at SWFX market expect the Euro to gain value against the Australian Dollar, since 60% of traders hold bullish positions and only 40% of traders hold bearish positions. The situation with orders, however, spots strong downtrend expectations, as 26% of traders ordered to buy and 74% ordered to sell the single European currency.
© Dukascopy Bank SA