Published: 2024-11-05T07:19:33.000Z
Chart AUD/NZD Update: Limited below the 1.0975 support
Technical Analyst
-
Limited on break of the 1.0975 support and regaining the 1.1000 level clears the way for retest of resistance at 1.1030 and 1.1050/55 congestion
| Level | Comment | Level | Comment | |||||
|---|---|---|---|---|---|---|---|---|
| R4 | 1.1155 | ** | 17 Jul YTD high | S1 | 1.0975 | ** | 9 Oct low | |
| R3 | 1.1090 | * | 9 Oct high | S2 | 1.0950/45 | * | congestion, Sep high | |
| R2 | 1.1050/55 | * | congestion | S3 | 1.0900 | * | congestion | |
| R1 | 1.1030 | * | congestion, May high | S4 | 1.0850 | * | 25 Sep low |
Asterisk denotes strength of level
07:10 GMT - Limited on break of the 1.0975 support and regaining the 1.1000 level clears the way for retest of resistance at 1.1030 and the 1.1050/55 congestion area. Daily studies have turned up from oversold areas and suggest scope for break here to expose the October high at 1.1090 to retest. Clearance here will return focus to the 1.1155, July YTD high. Meanwhile, support at the 1.0975/1.0950 area now underpin. Failure to hold the latter will return focus to the downside and see deeper retracement of gains from the 1.0780, September low.