EUR/AUD may fall 43 - 63 pips

Our pivot point is at 1.6435.

Our preference

As long as 1.6435 is resistance look for 1.6340.

Alternative scenario

Above 1.6435, look for 1.6468 and 1.6488.

Comment

The RSI is below 50. The MACD is above its signal line and positive. The break above the 50 area on the RSI should trigger further gains. Moreover, the price stands above its 20 period moving average (1.6401) but below its 50 period moving average (1.6404).

Supports and resistances

1.6488 **

1.6468 *

1.6435 **

1.6421

1.6403 last

1.6360

1.6340 **

1.6320 *

1.6300 **

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