EUR/AUD may rise 42 - 62 pips

Our pivot point is at 1.6319.

Our preference

The upside prevails as long as 1.6319 is support.

Alternative scenario

The downside breakout of 1.6319 would call for 1.6286 and 1.6266.

Comment

The RSI is above 50. The MACD is positive and above its signal line. The configuration is positive. Moreover, the price is trading above both its 20 and 50 period moving average (respectively at 1.6331 and 1.6313).

Supports and resistances

1.6461 **

1.6441 *

1.6421 **

1.6401

1.6359 last

1.6332

1.6319 **

1.6286 *

1.6266 **

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