EUR/AUD may fall 45 - 65 pips

Our pivot point is at 1.6336.

Our preference

The downside prevails as long as 1.6336 is resistance.

Alternative scenario

The upside breakout of 1.6336, would call for 1.6369 and 1.6389.

Comment

The RSI is below its neutrality area at 50. The MACD is below its signal line and negative. The configuration is negative. Moreover, the price is trading under both its 20 and 50 period moving average (respectively at 1.6320 and 1.6319).

Supports and resistances

1.6389 **

1.6369 *

1.6336 **

1.6323

1.6307 last

1.6262

1.6242 **

1.6222 *

1.6202 **

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