© Dukascopy Bank SA
The uptrend, which started yesterday, has successfully managed to continue, and today the EUR/AUD currency couple experienced another movement upwards. As for now, the price is about to test the 200-day SMA at 1.2396, which is expected to change the direction of the prevailing tendency. In case it is broken, then the currency pair might reach the weekly R1 at 1.2420, which in turn might bring some bearish momentum. Moreover, the overall indicator outlook is bearish, therefore supporting the potential trend reversal.
Traders' sentiment
Traders at SWFX market expect the uptrend to continue, as 67% of traders hold bullish positions and only 33% of traders hold bearish positions. The situation with orders, however, spots some downtrend expectations, since 35% of traders ordered to buy and 65% ordered to sell the Euro.
© Dukascopy Bank SA