GBP/AUD may rise 46 - 67 pips

Our pivot point is at 1.9439.

Our preference

As long as 1.9439 is support look for 1.9536.

Alternative scenario

The downside breakout of 1.9439 would call for 1.9403 and 1.9382.

Comment

The RSI is trading above 70. This could mean that either the pair is in a lasting uptrend or just overbought and that therefore a correction could shape (look for bearish divergence in this case). The MACD is below its signal line and positive. The pair could retrace. Moreover, the price is trading above both its 20 and 50 period moving average (respectively at 1.9451 and 1.9395).

Supports and resistances

1.9579 **

1.9558 *

1.9536 **

1.9515

1.9469 last

1.9453

1.9439 **

1.9403 *

1.9382 **

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