© Dukascopy Bank SA
Supports: 1.1670; 1.1636; 1.1572
Outlook
The bullish reaction, which started on August 13th, has finished advancing further, and now the bearish correction takes place. As for now, the EUR/AUD currency couple has already reached the 20-day SMA at 1.1721, and the price is dipping even further - towards the weekly PP at 1.1670, which might slow down the prevailing trend. In case it is breached, then next support at 1.1636 (lower Bollinger band) is very likely to reverse the downward tendency. Nevertheless, RSI indicator shows neutral signal, therefore the currency pair is neither over-bought nor over-sold at the particular moment.
Traders' sentiment
SWFX market participants maintain mixed feelings regarding EUR/AUD, since 47% of traders hold bullish positions and 53% of traders hold bearish positions. The orders are distributed in a different manner, as only 30% of traders ordered to buy and only 70% of traders ordered to sell the Euro, expecting that the Euro will depreciate against the Australian Dollar.