EUR/AUD may rise 46 - 66 pips

1.6331 is our pivot point.

Our preference

As long as 1.6331 is support look for 1.6435.

Alternative scenario

The downside breakout of 1.6331 would call for 1.6298 and 1.6278.

Comment

The RSI is above 50. The MACD is positive and below its signal line. The pair could retrace. Moreover, the price is trading above both its 20 and 50 period moving average (respectively at 1.6367 and 1.6342).

Supports and resistances

1.6474 **

1.6454 *

1.6435 **

1.6415

1.6369 last

1.6344

1.6331 **

1.6298 *

1.6278 **

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