© Dukascopy Bank SA
The bearish trend, which started yesterday, successfully managed to continue, and today the EUR/AUD currency couple has already managed to break down from the bullish price channel, and now the price is gradually approaching the 200-day SMA at 1.2419, which is expected to bring some bullish impulse. However, if it fails to stop the prevailing decline, then next support at 1.2320 (20-day SMA) is very likely to change the direction of the current movement downwards. Nevertheless, the indicator outlook is neutral, therefore no significant price movements are expected in the nearest future.
Traders' sentiment
Traders at SWFX market remain neutral regarding the potential strength of the single European currency, although there are some slight bearish trend expectations, since only 44% of traders hold bullish positions and almost 56% of traders hold bearish positions.The situation with orders supports the anticipation of the downtrend, as only 41% of traders ordered to buy and 59% ordered to sell the Euro.
© Dukascopy Bank SA