Resistances:
1.1706; 1.1781; 1.1836
Supports: 1.1654; 1.1629; 1.1579
Outlook
Yesterday's bearish movement turned out
to be short-lived, and in the end another bullish reaction took place, however,
today EUR/AUD currency pair returned to its bearish tendency and now is gradually
moving closer to an initial support level at 1.1654 (Weekly S2). In case it
fails to bring some bullish momentum, then next support at 1.1629 (Lower
Bollinger Band) might be the reversal point for the current dip. Moreover, RSI
indicator still remains in the over-sold area, indicating that soon a rally
upwards might occur.
Traders' sentiment
Traders at SWFX market expect that the single
European currency to gain value against the Aussie, as 66% of traders hold long
positions and 34% hold short positions. The distribution of orders shows a
complete contrast, since 70% of traders ordered to sell EUR/AUD currency pair,
thus supporting interim bearish bias.