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Supports: 1.1670; 1.1637; 1.1572
Outlook
Yesterday's bearish correction managed to overcome the 20-day SMA at 1.1720, and now the decline continues, and the EUR/AUD currency couple is gradually approaching the weekly PP at 1.1670, which might bring some bullish impetus. However, if it is breached, then the price might reach the lower Bollinger band at 1.1637, which is expected to reverse the prevailing 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 remain completely neutral feelings regarding the potential strength of the single European currency, since exactly 50% of traders hold long positions and 50% of traders hold short positions. The distribution of orders, however, shows that traders anticipate the Euro to lose value against the Australian Dollar, as only 29% of traders ordered to buy and more than 72% ordered to sell it.