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The uptrend, which started less than a week ago, has failed to continue, as today the EUR/AUD currency pair rebounded from weekly R1 at 1.2525, and at the particular moment the currency couple is about to test the 55-day SMA at 1.2474, which is very likely to stop the downtrend, however, in case it is breached, then the price might reach the weekly PP at 1.2430, which in turn will probably bring some bullish impulse. In addition, the overall indicator outlook is bullish, therefore a soon tendency change should be expected.
Traders' sentiment
SWFX market participants have strong uptrend expectations, as 66% of traders hold long positions and 34% of traders hold short positions. The distribution of orders is quite neutral, since 52% of traders ordered to buy and 48% ordered to sell the Euro.
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