Chart EUR/AUD Update: Higher in consolidation from 1.6250 low
Higher in consolidation from the 1.6250 low as prices unwind oversold intraday studies
| Levels | Imp | Comment | Levels | Imp | Comment | |||
|---|---|---|---|---|---|---|---|---|
| R4 | 1.6680 | ** | 13 Apr high | S1 | 1.6250 | * | 4 May low | |
| R3 | 1.6600/20 | * | congestion | S2 | 1.6200 | * | 18 Mar low | |
| R2 | 1.6500 | * | congestion, 8 Apr low | S3 | 1.6130 | ** | 11 Mar YTD low | |
| R1 | 1.6400/25 | * | congestion, 5 Mar low | S4 | 1.6000 | ** | figure |
Asterisk denotes strength of level
06:50 GMT - Higher in consolidation from the 1.6250 low as prices unwind oversold intraday studies. Daily studies are stretched as well and suggest scope for corrective bounce to retrace losses from the 1.6845 March high. Resistance is at the 1.6400/25 congestion and 5 March low which is expected to cap. Break here will see room for stronger corrective bounce to the resistance at 1.6500/1.6600 area. Meanwhile, break of the 1.6250 low will see room for retest of the 1.6200 level then the 1.6130, 11 March current year low. Below this will further retrace the 2022/2025 rally and see room to the 1.6000 figure and 1.5915, 61.8% Fibonacci retracement.