EUR/AUD may rise 46 - 67 pips

Our pivot point is at 1.6670.

Our preference

The upside prevails as long as 1.6670 is support.

Alternative scenario

Below 1.6670, expect 1.6634 and 1.6612.

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 above its 20 and 50 period moving average (respectively at 1.6624 and 1.6603). Finally, the EUR/AUD has crossed above its upper Bollinger band (1.6719).

Supports and resistances

1.6844 **

1.6822 *

1.6800 **

1.6779

1.6733 last

1.6684

1.6670 **

1.6634 *

1.6612 **

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