EUR/AUD may fall 56 - 84 pips

Our pivot point is at 1.6273.

Our preference

Under pressure below 1.6273.

Alternative scenario

The upside breakout of 1.6273, would call for 1.6320 and 1.6348.

Comment

The RSI is below its neutrality area at 50. The MACD is below its signal line and positive. The MACD must penetrate its zero line to expect further downside. Moreover, the price is trading under both its 20 and 50 period moving average (respectively at 1.6236 and 1.6216). Finally, the EUR/AUD has penetrated its lower Bollinger band (1.6210).

Supports and resistances

1.6348 **

1.6320 *

1.6273 **

1.6254

1.6209 last

1.6153

1.6125 **

1.6097 *

1.6069 **

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