EUR/AUD may rise 33 - 49 pips

Our pivot point stands at 1.6039.

Our preference

As long as 1.6039 is support look for 1.6117.

Alternative scenario

The downside breakout of 1.6039 would call for 1.6012 and 1.5996.

Comment

The RSI is above its neutrality area at 50. The MACD is positive and below its signal line. The pair could retrace. Moreover, the price is below its 20 period moving average (1.6071) but above its 50 period moving average (1.6058).

Supports and resistances

1.6150 **

1.6134 *

1.6117 **

1.6101

1.6068 last

1.6050

1.6039 **

1.6012 *

1.5996 **

Number of asterisks represents the strength of support and resistance levels.