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Supports: 1.1670; 1.1630; 1.1572
Outlook
The downtrend, which started on August 8th, has finally ended, and now a bullish correction is proceeding. The rally has already managed to break through the weekly PP at 1.1670, and now it is facing the 20-day SMA at 1.1722, which might bring some bearish impulse. If it fails to stop the uptrend, then next resistance at 1.1829 (weekly R2) might be the reversal point for the present movement upwards. Nevertheless, RSI indicator moved away from the over-sold area and shows neutral signal at the particular moment.
Traders' sentiment
SWFX market participants are almost neutral about the EUR/AUD currency couple, since 52% of traders hold long positions and 48% of traders hold short positions. The orders are distributed in a bit different manner, as 37% of traders ordered to buy and 63% ordered to sell the single European currency.