EUR/AUD may rise 31 - 46 pips

Our pivot point is at 1.6054.

Our preference

The upside prevails as long as 1.6054 is support.

Alternative scenario

The downside breakout of 1.6054 would call for 1.6029 and 1.6013.

Comment

The RSI is above its neutrality area at 50. The MACD is above its signal line and positive. The configuration is positive. Moreover, the price is above its 20 and 50 period moving average (respectively at 1.6062 and 1.6050).

Supports and resistances

1.6157 **

1.6141 *

1.6126 **

1.6111

1.6080 last

1.6064

1.6054 **

1.6029 *

1.6013 **

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