EUR/AUD may rise 86 - 120 pips

1.6378 is our pivot point.

Our preference

Our next up target stands at 1.6555.

Alternative scenario

Below 1.6378, expect 1.6322 and 1.6289.

Comment

The RSI is above 50. The MACD is above its signal line and negative. The MACD must break above its zero level to trigger further gains. Moreover, the price is trading above both its 20 and 50 period moving average (respectively at 1.6421 and 1.6435).

Supports and resistances

1.6621 **

1.6588 *

1.6555 **

1.6521

1.6435 last

1.6400

1.6378 **

1.6322 *

1.6289 **

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