EUR/AUD may fall 58 - 87 pips

Our pivot point is at 1.6197.

Our preference

The downside prevails as long as 1.6197 is resistance.

Alternative scenario

The upside breakout of 1.6197, would call for 1.6246 and 1.6275.

Comment

The RSI is below 50. The MACD is below its signal line and negative. The configuration is negative. Moreover, the price stands below its 20 and 50 period moving average (respectively at 1.6173 and 1.6201).

Supports and resistances

1.6275 **

1.6246 *

1.6197 **

1.6178

1.6157 last

1.6099

1.6070 **

1.6041 *

1.6012 **

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