Chart AUD/NZD Update: Consolidating, room for higher later
Settled back from the 1.1695 high as prices consolidate gains from support at the 1.1400/1.1395 congestion and November low
| Level | Comment | Level | Comment | |||||
|---|---|---|---|---|---|---|---|---|
| R4 | 1.2000 | ** | figure, congestion | S1 | 1.1580 | * | 6 Jan low | |
| R3 | 1.1900 | * | 50% 2011/2020 fall | S2 | 1.1500 | * | congestion | |
| R2 | 1.1800/20 | * | congestion, May 2013 low | S3 | 1.1445 | * | Nov high | |
| R1 | 1.1695/00 | * | 7 Jan high, congestion | S4 | 1.1420/00 | ** | 17 Dec, Nov lows |
Asterisk denotes strength of level
06:50 GMT - Settled back from the 1.1695 high as prices consolidate gains from support at the 1.1400/1.1395 congestion and November low. Consolidation see prices unwinding overbought intraday studies but further gains cannot be ruled out to extend the underlying bull trend from the 2020 year low. Close above the 1.1695/1.1700 level will see room for continuation to the 1.1800/20 congestion area and 1.1900, 50% Fibonacci level. Meanwhile, support is raised to the 1.1600/1.1580 area which is expected to underpin. Only below here will fade the upside pressure and see room for deeper pullback to strong support at the 1.1445/1.1400, congestion and November low.