Chart AUD/NZD Update: Supported above 1.2400
Higher in consolidation above the 1.2400 level to retest the 1.2465 high of last week as prices looks to extend bounce from the 1.2315, 1st October low
| Level | Comment | Level | Comment | |||||
|---|---|---|---|---|---|---|---|---|
| R4 | 1.2600 | * | congestion | S1 | 1.2400 | * | congestion | |
| R3 | 1.2550 | * | congestion | S2 | 1.2315 | * | 1 Oct low | |
| R2 | 1.2500 | ** | congestion | S3 | 1.2285 | ** | May high | |
| R1 | 1.2490 | ** | 22 Sep YTD high | S4 | 1.2250 | * | congestion |
Asterisk denotes strength of level
06:35 GMT - Higher in consolidation above the 1.2400 level to retest the 1.2465 high of last week as prices looks to extend bounce from the 1.2315, low of 1st October. Above here will see room for retest of the 1.2490 September current year high. Reaction here can be expected but positive daily studies suggest scope for break to extend the underlying bull trend from the 2020 year low. Clearance here will see scope for extension to resistance at the 1.2550/1.2600 congestion area. Meanwhile, support at the 1.2400 level should underpin. Below here will open up room for retest of the 1.2315 support.