GBP/AUD may rise 64 - 94 pips

1.9260 is our pivot point.

Our preference

As long as 1.9260 is support look for 1.9405.

Alternative scenario

The downside breakout of 1.9260 would call for 1.9210 and 1.9180.

Comment

The RSI is trading above 70. This could mean that either the pair is in a lasting uptrend or just overbought and that therefore a correction could shape (look for bearish divergence in this case). The MACD is positive and below its signal line. The pair could retrace. Moreover, the price is trading above both its 20 and 50 period moving average (respectively at 1.9278 and 1.9226).

Supports and resistances

1.9465 **

1.9435 *

1.9405 **

1.9375

1.9311 last

1.9280

1.9260 **

1.9210 *

1.9180 **

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