Chart AUD/NZD Update: Extending bounce from 1.2315 low
Bounce from the 1.2315 low to regain the 1.2400 level revive upside focus and set up scope for retest of 1.2490, September year high
| Level | Comment | Level | Comment | |||||
|---|---|---|---|---|---|---|---|---|
| R4 | 1.2600 | * | congestion | S1 | 1.2315 | * | 1 Oct low | |
| R3 | 1.2550 | * | congestion | S2 | 1.2285 | ** | May high | |
| R2 | 1.2500 | ** | congestion | S3 | 1.2250 | * | congestion | |
| R1 | 1.2490 | ** | 22 Sep YTD high | S4 | 1.2200 | * | congestion |
Asterisk denotes strength of level
06:00 GMT - Bounce from the 1.2315 low to regain the 1.2400 level revive upside focus and set up scope for retest of 1.2490, September year high. Would expect reaction at the latter but positive daily studies suggest scope for break to extend the underlying bull trend from the 2020 year low. Clearance, if seen, will extend the underlying bull trend from the 2020 year low and see room to 1.2550/1.2600 area. Meanwhile, support at the 1.2315 low underpin. Would take break here to open up room for deeper pulllback to retrace strong gains from the 1.1915 August low to the 1.2285/1.2250 congestion area.