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The bullish tendency, which started yesterday, successfully managed to continue, as today the EUR/AUD currency pair experienced another significant bullish advance, an now the currency couple is about to test the 20-day SMA at 1.2364, which is very likely to bring some bearish impetus, however, if it fails to stop the prevailing rally, then the price might reach the 200-day SMA at 1.2409, which in turn is expected to change the direction of the current movement. Nevertheless, the overall indicator outlook shows a strong sell signal, therefore a trend reversal might occur in the nearest future.
Traders' sentiment
SWFX market participants expect the uptrend to continue, as 63% of traders hold long positions and 37% of traders hold short positions. The situation with orders shows some downtrend expectations, since only 33% of traders ordered to buy and 67% ordered to sell the Euro.
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