EUR/AUD may fall 79 - 107 pips

1.6516 is our pivot point.

Our preference

The downside prevails as long as 1.6516 is resistance.

Alternative scenario

The upside breakout of 1.6516, would call for 1.6565 and 1.6594.

Comment

The RSI is below its neutrality area at 50. The MACD is below its signal line and negative. The configuration is negative. Moreover, the price is trading under both its 20 and 50 period moving average (respectively at 1.6492 and 1.6510).

Supports and resistances

1.6594 **

1.6565 *

1.6516 **

1.6497

1.6475 last

1.6396

1.6368 **

1.6339 *

1.6310 **

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