GBP/AUD may rise 71 - 106 pips

Our pivot point is at 1.9400.

Our preference

The upside prevails as long as 1.9400 is support.

Alternative scenario

The downside breakout of 1.9400 would call for 1.9341 and 1.9306.

Comment

The RSI is above 50. The MACD is positive and above its signal line. The configuration is positive. Moreover, the price is trading above both its 20 and 50 period moving average (respectively at 1.9436 and 1.9432).

Supports and resistances

1.9632 **

1.9597 *

1.9562 **

1.9527

1.9456 last

1.9423

1.9400 **

1.9341 *

1.9306 **

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