Published: 2024-11-08T00:25:49.000Z
Chart AUD/USD Update: Scope to extend rebound from .6512 low
Technical Analyst
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Consolidation below the .6600 level gave way to sharp bounce though the .6645 mid-week high to confirm a low in place at the .6512 low
| Levels | Imp | Comment | Levels | Imp | Comment | |||
|---|---|---|---|---|---|---|---|---|
| R4 | 0.6775 | * | 61.8% Sep/Nov fall | S1 | 0.6645 | * | 6 Nov high | |
| R3 | 0.6750 | * | congestion | S2 | 0.6622/00 | * | Sep low, congestion | |
| R2 | 0.6725 | * | 50% Sep/Nov fall | S3 | 0.6550/37 | * | congestion, 30 Oct low | |
| R1 | 0.6700 | * | congestion | S4 | 0.6512 | ** | 6 Nov low |
Asterisk denotes strength of level
00:15 GMT - Consolidation below the .6600 level gave way to sharp bounce though the .6645 mid-week high to confirm a low in place at the .6512 low. Breakout see room for extension to retrace losses from the September high to the .6700 congestion and .6725, 50% Fibonacci retracement. Higher still will see room to the .6750 congestion. Meanwhile, support is raised to the .6645, the mid-week reversal high though a deeper pullback cannot be ruled out in volatile trade. Lower see the .6622/.6600, September and congestion area expected to underpin and sustain gains from .6512 low.