EUR/AUD may fall 80 - 116 pips

Our pivot point stands at 1.6516.

Our preference

The downside prevails as long as 1.6516 is resistance.

Alternative scenario

Above 1.6516, look for 1.6576 and 1.6612.

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 1.6488 and 1.6488).

Supports and resistances

1.6612 **

1.6576 *

1.6516 **

1.6492

1.6467 last

1.6387

1.6351 **

1.6315 *

1.6279 **

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