GBP/AUD may fall 68 - 100 pips

Our pivot point is at 1.9539.

Our preference

Technical rebound towards 1.9539 before a new drop.

Alternative scenario

The upside breakout of 1.9539, would call for 1.9593 and 1.9624.

Comment

The RSI is above its neutrality area at 50. The MACD is positive and above its signal line. The configuration is positive. Moreover, the price is trading above its 20 period moving average (1.9488) but under its 50 period moving average (1.9501).

Supports and resistances

1.9624 **

1.9593 *

1.9539 **

1.9518

1.9497 last

1.9429

1.9397 **

1.9365 *

1.9333 **

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