© Dukascopy Bank SA
Today the EUR/AUD currency couple experienced a significant bullish advance, which has already managed to breach the upper Bollinger band at 1.2510, and now the price is approaching the weekly R3 at 1.2575, which might slow down the prevailing rally, In case it is broken, then the currency pair might reach the monthly R2 at 1.2740, which in turn is expected to reverse the current movement upwards. In addition, the overall indicator outlook is positive, therefore supporting the bullish tendency.
Traders' sentiment
Traders at SWFX market maintain mixed feelings about the potential strength of the single European currency, since 54% of traders hold bullish positions and 46% of traders hold bearish positions. In contrast, the situation with orders shows downtrend expectations, as only 32% of traders ordered to buy and more than 68% ordered to sell the Euro.
© Dukascopy Bank SA