Published: 2024-12-18T07:08:38.000Z
Chart EUR/AUD Update: Extending November gains
Technical Analyst
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Consolidation above the 1.6400/1.6350 support has given way to break of the 1.6600 resistance
| Levels | Imp | Comment | Levels | Imp | Comment | |||
|---|---|---|---|---|---|---|---|---|
| R4 | 1.6870 | * | 6 Aug high | S1 | 1.6550 | * | congestion | |
| R3 | 1.6800 | * | 8 Aug high | S2 | 1.6500 | * | congestion | |
| R2 | 1.6720 | * | 61.8% Aug/Nov fall | S3 | 1.6420 | * | 13 Dec low | |
| R1 | 1.6700 | * | congestion | S4 | 1.6350 | ** | congestion, 9 Dec low |
Asterisk denotes strength of level
06:50 GMT - Consolidation above the 1.6400/1.6350 support has given way to break of the 1.6600 resistance to extend the broader gains from November YTD low. Break opens up room to the strong resistance at the 1.6700 level and 1.6720, 61.8% Fibonacci retracement. Overbought daily studies suggest test here to give way to consolidation before further gains likely. Meanwhile, support is raised to the 1.6550/1.6500 area and this should underpin and sustain gains from the 1.6000/1.5965 lows.