© Dukascopy Bank SA
The bearish tendency, which started more than a week ago, has finally ended, as today the EUR/AUD currency couple experienced a bullish correction. As for now, the price confronts the 200-day SMA at 1.2420, which is expected to change the direction of the prevailing uptrend, however, if it fails to slow down the rally, then next resistance at 1.2480 (upper Bollinger band) is very likely to bring some bearish momentum. Nevertheless, the overall indicator outlook is neutral, therefore no significant trend reversals are expected in the nearest future.
Traders' sentiment
Traders at SWFX market are rather neutral regarding the EUR/AUD currency couple, as 47% of traders hold bullish positions and 53% hold bearish positions. However, the situation with orders clearly spots that traders anticipate the interim downtrend to continue, since only 28% of traders ordered to buy and 72% ordered to sell the Euro.
© Dukascopy Bank SA