EUR/AUD may fall 39 - 56 pips

Our pivot point stands at 1.6133.

Our preference

Under pressure below 1.6133.

Alternative scenario

Above 1.6133, look for 1.6162 and 1.6179.

Comment

The RSI is below 50. The MACD is positive and below its signal line. The MACD must penetrate its zero line to expect further downside. Moreover, the price stands below its 20 and 50 period moving average (respectively at 1.6123 and 1.6102). Finally, the EUR/AUD has penetrated its lower Bollinger band (1.6094).

Supports and resistances

1.6179 **

1.6162 *

1.6133 **

1.6121

1.6092 last

1.6053

1.6036 **

1.6019 *

1.6002 **

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