© Dukascopy Bank SA
The uptrend, which started a couple of days ago, has successfully managed to continue, as today the EUR/AUD currency pair experienced another consequent movement upwards, which has already managed to overcome the 200-day SMA, and now the price is facing the weekly R1 at 1.2422, which might bring some bearish impetus, however, if it is breached, then the currency couple might reach the 55-day SMA at 1.2470, which in turn is expected to reverse the current tendency. Nevertheless, the overall indicator outlook remains negative, therefore a soon trend reversal might be expected in the nearest future.
Traders sentiment
SWFX market participants expect the Euro to gains value against the Australian Dollar, since 68% of traders hold long positions and only 32% of traders hold short positions. The distribution of orders spots some downtrend expectations, as 39% of traders ordered to buy and 61% ordered to sell the single currency.
© Dukascopy Bank SA