EUR/AUD may rise 48 - 68 pips

Our pivot point stands at 1.6565.

Our preference

The upside prevails as long as 1.6565 is support.

Alternative scenario

Below 1.6565, expect 1.6531 and 1.6511.

Comment

The RSI is above 70. It could mean either that the pair is in a lasting uptrend or just overbought and therefore bound to correct (look for bearish divergence in this case). The MACD is above its signal line and positive. The configuration is positive. Moreover, the price is trading above both its 20 and 50 period moving average (respectively at 1.6541 and 1.6484).

Supports and resistances

1.6705 **

1.6685 *

1.6665 **

1.6645

1.6597 last

1.6578

1.6565 **

1.6531 *

1.6511 **

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