EUR/AUD may rise 42 - 62 pips

1.6383 is our pivot point.

Our preference

As long as 1.6383 is support look for 1.6478.

Alternative scenario

The downside breakout of 1.6383 would call for 1.6350 and 1.6330.

Comment

The RSI is above its neutrality area at 50. 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 1.6412 and 1.6392).

Supports and resistances

1.6517 **

1.6497 *

1.6478 **

1.6458

1.6416 last

1.6396

1.6383 **

1.6350 *

1.6330 **

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