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Supports: 1.2164; 1.2088; 1.2004
Outlook
The bullish tendency, which started on August 30th, successfully managed to advance even further, and now EUR/AUD is about to test the weekly R1 at 1.2317, which might slow down the rally. In case it is breached, then the currency couple might reach the upper Bollinger band at 1.2405, which in turn will probably bring some bearish momentum. Additionally, RSI indicator shows a strong sell signal, therefore supporting the potential trend reversal. Nevertheless, present supports are at 1.2164, 1.2088 and 1.2004, and so far there are no signs that they might be broken.
Traders' sentiment
SWFX market participants maintain mixed feelings about the EUR/AUD currency pair, as 51% of traders hold long positions and 49% of traders hold short positions. The distribution of orders is rather similar, since 44% of traders ordered to buy and 56% ordered to sell the single European currency.