EUR/AUD may rise 46 - 67 pips

1.6221 is our pivot point.

Our preference

Rebound.

Alternative scenario

The downside breakout of 1.6221 would call for 1.6186 and 1.6165.

Comment

The RSI is above its neutrality area at 50. The MACD is negative and above its signal line. The MACD must break above its zero level to trigger further gains. Moreover, the price stands above its 20 period moving average (1.6243) but below its 50 period moving average (1.6256).

Supports and resistances

1.6361 **

1.6340 *

1.6319 **

1.6298

1.6252 last

1.6235

1.6221 **

1.6186 *

1.6165 **

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