GBP/AUD may rise 70 - 103 pips

Our pivot point stands at 1.9376.

Our preference

Rebound towards 1.9524.

Alternative scenario

The downside breakout of 1.9376 would call for 1.9321 and 1.9288.

Comment

The RSI is below its neutrality area at 50. The MACD is negative and above its signal line. The configuration is mixed. Moreover, the price is trading above its 20 period moving average (1.9421) but under its 50 period moving average (1.9461).

Supports and resistances

1.9589 **

1.9557 *

1.9524 **

1.9491

1.9421 last

1.9398

1.9376 **

1.9321 *

1.9288 **

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