© Dukascopy Bank SA
Currently, the pair is locked between its SMAs, with the 200-hour SMA at 1.5350 acting as a strong support level and the 50-hour SMA at 1.5362 being a formidable resistance zone. Meanwhile, EUR/AUD is likely to break out of the trap before long by surpassing its short-term SMA, above which the pair may enjoy a rally towards the upper limit of the converging channel. This is supported by the SWFX numbers, showing that almost 60% of traders are betting on the appreciation of the pair.
© Dukascopy Bank SA