Published: 2023-12-12T06:18:10.000Z
Chart AUD/NZD Update: Limited bounce
Technical Analyst
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| Level | Comment | Level | Comment | |||||
|---|---|---|---|---|---|---|---|---|
| R4 | 1.0885 | * | 20 Nov high | S1 | 1.0700 | congestion | ||
| R3 | 1.0850 | congestion | S2 | 1.0655/45 | * | trendline, 7 Dec low | ||
| R2 | 1.0800 | 24 Nov low | S3 | 1.0617 | * | 11 Oct low | ||
| R1 | 1.0775 | * | 15 Nov low | S4 | 1.0560 | * | May low |
Asterisk denotes strength of level
05:50 GMT - Saw rebound at the trendline from the Dec 2022 low as prices unwind the oversold daily studies to reach the 1.0750 congestion. Gains beyond this, if seen, will see scope to the strong resistance at the 1.0775/1.0800 area. The latter expected to caps and pullback below the 1.0700 level will return focus to the downside and open the 1.0655/45 support to retest. Break of the latter will see room for deeper pullback to the 1.0617 and 1.0560, the Oct and May lows.