EUR/AUD may fall 74 - 103 pips

Our pivot point is at 1.6272.

Our preference

As long as 1.6272 is resistance look for 1.6128.

Alternative scenario

The upside breakout of 1.6272, would call for 1.6321 and 1.6350.

Comment

The RSI is above its neutrality area at 50. The MACD is negative and below its signal line. The penetration of 50 on the RSI should trigger further losses. Moreover, the price stands below its 20 and 50 period moving average (respectively at 1.6233 and 1.6236).

Supports and resistances

1.6350 **

1.6321 *

1.6272 **

1.6253

1.6231 last

1.6157

1.6128 **

1.6099 *

1.6070 **

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