Published: 2024-11-04T07:24:57.000Z
Chart AUD/NZD Update: Consolidation tracing out a bear flag
Technical Analyst
1
Turned up in choppy trade from the 1.0963 low as prices consolidate losses from the 1.1055/75 congestion area
| Level | Comment | Level | Comment | |||||
|---|---|---|---|---|---|---|---|---|
| R4 | 1.1155 | ** | 17 Jul YTD high | S1 | 1.0975 | ** | 9 Oct low | |
| R3 | 1.1090 | * | 9 Oct high | S2 | 1.0950/45 | * | congestion, Sep high | |
| R2 | 1.1055/75 | * | congestion, 18 Oct high | S3 | 1.0900 | * | congestion | |
| R1 | 1.1030 | * | congestion, May high | S4 | 1.0850 | * | 25 Sep low |
Asterisk denotes strength of level
07:15 GMT - Turned up in choppy trade from the 1.0963 low as prices consolidate losses from the 1.1055/75 congestion area. The resulting flag pattern suggest this giving way to fresh selling pressure later and break of the 1.0975 congestion and 1.0963 low will extend the broader losses from the 1.1090, October high. Lower will see room to the 1.0950/45 congestion area then the 1.0900 level. Meanwhile, resistance remains at the 1.1050/75 congestion area which is expected to cap and sustain pullback from the 1.1090 high.