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Yesterday's bearish reaction did not manage to continue today, and the EUR/AUD currency pair experienced another bullish correction, thus supporting the prevailing interim uptrend. As for now, the price has reached the weekly R1 at 1.2315, and now it is heading towards the 200-day SMA at 1.2389, which is very likely reverse the direction of the prevailing movement. In case it fails to stop the rally, then next resistance at 1.2484 (upper Bollinger band) will probably bring some bearish momentum. Moreover, RSI indicator still shows a sell signal, although the overall indicator outlook is positive.
Traders' sentiment
Traders at SWFX market maintain mixed feelings about the EUR/AUD currency couple, as 49% of traders hold long positions and 51% of traders hold short positions. In contrast, the situation with orders clearly spots that traders anticipate the single European currency to lose value against the Australian Dollar, since 29% of traders ordered to buy and 71% ordered to sell the Euro.
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