EUR/AUD may fall 45 - 66 pips

1.6124 is our pivot point.

Our preference

Target 1.6029.

Alternative scenario

Above 1.6124, look for 1.6159 and 1.6179.

Comment

The RSI is below its neutrality area at 50. The MACD is positive and below its signal line. The MACD must penetrate its zero line to expect further downside. Moreover, the pair is trading under its 20 period moving average (1.6108) but above its 50 period moving average (1.6093). Finally, the EUR/AUD has penetrated its lower Bollinger band (1.6095).

Supports and resistances

1.6179 **

1.6159 *

1.6124 **

1.6110

1.6095 last

1.6050

1.6029 **

1.6008 *

1.5987 **

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