GBP/AUD may rise 49 - 71 pips

Our pivot point is at 1.8951.

Our preference

Our next up target stands at 1.9059.

Alternative scenario

The downside breakout of 1.8951 would call for 1.8914 and 1.8892.

Comment

The RSI is above its neutrality area at 50. The MACD is negative and above its signal line. The MACD must break above its zero level to call for further upside. Moreover, the price is above its 20 and 50 period moving average (respectively at 1.8972 and 1.8983). Finally, the GBP/AUD has crossed above its upper Bollinger band (1.8987).

Supports and resistances

1.9103 **

1.9081 *

1.9059 **

1.9037

1.8988 last

1.8965

1.8951 **

1.8914 *

1.8892 **

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