EUR/AUD may rise 58 - 86 pips

Our pivot point is at 1.6215.

Our preference

The upside prevails as long as 1.6215 is support.

Alternative scenario

The downside breakout of 1.6215 would call for 1.6168 and 1.6140.

Comment

The RSI is above 50. The MACD is positive and above its signal line. The configuration is positive. Moreover, the price is above its 20 and 50 period moving average (respectively at 1.6229 and 1.6230).

Supports and resistances

1.6402 **

1.6374 *

1.6346 **

1.6318

1.6260 last

1.6234

1.6215 **

1.6168 *

1.6140 **

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