Chart AUD/NZD Update: Leaning lower from 1.2250 current year high
Leaning lower from the Friday's 1.2250 current year high through the 1.2200 level to threaten break of the rising wedge pattern
| Level | Comment | Level | Comment | |||||
|---|---|---|---|---|---|---|---|---|
| R4 | 1.2400 | congestion | S1 | 1.2115/00 | ** | 8 May low, congestion | ||
| R3 | 1.2345 | * | 61.8% 2011/2020 fall | S2 | 1.2050 | ** | congestion | |
| R2 | 1.2300/10 | ** | congestion, 2011 yr low | S3 | 1.2000 | * | congestion | |
| R1 | 1.2250 | ** | 15 May YTD high | S4 | 1.1930 | ** | 27 Mar low |
Asterisk denotes strength of level
06:50 GMT - Leaning lower from the Friday's 1.2250 current year high through the 1.2200 level to threaten break of the rising wedge pattern. Lower will see room for retest of strong support at the 1.2115/00, 8 May low and congestion area. Below the latter will see deeper pullback to retrace gains from the 1.1930 low of 27 March to support at the 1.2050/1.2000 area. Meanwhile, resistance at the 1.2200/50 April and 15 May highs expected to cap. Clearance will extend strong gains from the April 2025 year low to resistance at the 1.2300 congestion and 1.2345, 61.8% Fibonacci retracement.