Chart AUD/NZD Update: Consolidating below 1.2200/35, April highs
Leaning lower from the 1.2235 high of last week as prices consolidate recent gains from the 1.1930, 27 March low
| Level | Comment | Level | Comment | |||||
|---|---|---|---|---|---|---|---|---|
| R4 | 1.2350 | * | 61.8% 2011/2020 fall | S1 | 1.2150 | * | Mar high | |
| R3 | 1.2300/10 | ** | congestion, 2011 yr low | S2 | 1.2100 | ** | 23 Apr low | |
| R2 | 1.2235 | ** | 29 Apr YTD high | S3 | 1.2050 | ** | congestion | |
| R1 | 1.2200 | * | 8 Apr high, congestion | S4 | 1.2000 | * | congestion |
Asterisk denotes strength of level
07:10 GMT - Leaning lower from the 1.2235 high of last week as prices consolidate recent gains from the 1.1930, 27 March low. Daily chart threatens a 2-month rising wedge pattern and threatens break of support at 1.2150 March high. Break here will open up room for deeper pullback to support at the 1.2100/1.2050 congestion area. Overbought daily and weekly studies caution corrective pullback and break of the latter will see scope to the 1.2000 figure and 1.1930, 27 March low. Meanwhile, resistance remains at the 1.2200/35 April highs. Clearance, if seen, will see extension to 1.2300 congestion and 1.2350, 61.8% Fibonacci retracement.