Published: 2025-04-02T06:48:27.000Z
Chart AUD/NZD Update: Consolidating test of 1.1030/50 resistance, room for pullback
Technical Analyst
-
Settled back from test of the 1.1030/50 congestion area to consolidate at the 1.1000 level
| Level | Comment | Level | Comment | |||||
|---|---|---|---|---|---|---|---|---|
| R4 | 1.1170 | ** | 19 Feb YTD high | S1 | 1.0960 | * | 20 Mar high | |
| R3 | 1.1150 | * | Jul high | S2 | 1.0933 | * | Dec low, 38.2% 2024 rally | |
| R2 | 1.1100 | ** | Jan high, congestion | S3 | 1.0910/00 | ** | 21 Mar YTD low, congestion | |
| R1 | 1.1030/50 | * | congestion | S4 | 1.0875 | * | 50% 2024 rally |
Asterisk denotes strength of level
06:45 GMT - Settled back from test of the 1.1030/50 congestion area to consolidate at the 1.1000 level as prices unwind overbought intraday studies. Daily studies are overbought as well and suggest this area likely to cap and give way to selling pressure. Nearby see support at 1.0960 and where break will return focus to the downside for retest of the 1.0933/1.0910 lows. Below this and the 1.0900 level will open up room for deeper pullback to retrace gains from the February 2024 low. Lower will see scope to the 50% Fibonacci level at 1.0875 and 1.0850 congestion.