GBP/AUD may fall 58 - 85 pips

Our pivot point stands at 1.9517.

Our preference

Technical rebound towards 1.9517 before a new drop.

Alternative scenario

Above 1.9517, look for 1.9563 and 1.9591.

Comment

The RSI is above 50. The MACD is positive and above its signal line. The configuration is positive. Moreover, the price stands above its 20 period moving average (1.9470) but below its 50 period moving average (1.9474).

Supports and resistances

1.9591 **

1.9563 *

1.9517 **

1.9498

1.9472 last

1.9414

1.9387 **

1.9359 *

1.9331 **

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