EUR/AUD may rise 46 - 66 pips

1.6292 is our pivot point.

Our preference

Rise to 1.6388.

Alternative scenario

The downside breakout of 1.6292 would call for 1.6259 and 1.6239.

Comment

The RSI is below its neutrality area at 50. The MACD is above its signal line and positive. The break above the 50 area on the RSI should trigger further gains. Moreover, the price is trading above both its 20 and 50 period moving average (respectively at 1.6321 and 1.6320).

Supports and resistances

1.6428 **

1.6408 *

1.6388 **

1.6368

1.6322 last

1.6305

1.6292 **

1.6259 *

1.6239 **

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