© Dukascopy Bank SA
The interim downtrend, which started more than two weeks ago, has failed to continue, as today the EUR/AUD currency couple experienced a significant bullish correction, and at the particular moment the currency pair is about to test the monthly S1 at 1.2301, which might bring some bearish momentum, however, if it is breached, then the price might reach the 20-day SMA at 1.2377, which in turn will probably stop the prevailing uptrend. Moreover, the overall indicator outlook is bearish, therefore supporting the potential trend reversal in the nearest future.
Traders' sentiment
Traders at SWFX market are optimistic about the EUR/AUD currency couple, as 61% of traders hold bullish positions and only 39% of traders hold bearish positions. The situation with orders, however, spots strong downtrend expectations, since only 19% of traders ordered to buy and 81% ordered to sell the single currency.
© Dukascopy Bank SA