Published: 2023-12-12T07:45:06.000Z
Chart EUR/AUD Update: Poised for retest of 1.6320/1.6268 lows
Technical Analyst
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| Levels | Imp | Comment | Levels | Imp | Comment | |||
|---|---|---|---|---|---|---|---|---|
| R4 | 1.6633 | * | 15 Nov low | S1 | 1.6320 | * | Sep low | |
| R3 | 1.6600 | * | congestion, Jul high | S2 | 1.6268 | * | 4 Dec low | |
| R2 | 1.6500 | * | congestion | S3 | 1.6233 | * | Jul low | |
| R1 | 1.6455 | * | 2 Nov low | S4 | 1.6200 | congestion |
07:30 GMT - Choppy trade above the 1.6268 low tracing out a bearish pennant pattern and return focus to recent lows at 1.6320 and 1.6268, the Sep and early-Dec lows. Clear break here will further extend the broader losses from the Aug YTD high and see room to the 1.6233 low of Jul then the 1.6200 level. Below these will see deeper pullback to retrace the 2022/2023 rally. Meanwhile, resistance remains at the 1.6455/1.6500 area and this is expected to limit corrective bounce.