GBP/AUD may rise 54 - 77 pips

Our pivot point stands at 1.9420.

Our preference

The upside prevails as long as 1.9420 is support.

Alternative scenario

The downside breakout of 1.9420 would call for 1.9380 and 1.9357.

Comment

The RSI is above its neutrality area at 50. 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 1.9400 and 1.9410).

Supports and resistances

1.9588 **

1.9565 *

1.9541 **

1.9518

1.9464 last

1.9436

1.9420 **

1.9380 *

1.9357 **

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