Chart AUD/NZD Update: Leaning lower from 1.1695 high
Leaning lower from the 1.1695 high as prices consolidate gains from support at the 1.1400/1.1395 congestion and November low
| Level | Comment | Level | Comment | |||||
|---|---|---|---|---|---|---|---|---|
| R4 | 1.2000 | ** | figure, congestion | S1 | 1.1580 | * | 6 Jan low | |
| R3 | 1.1900 | * | 50% 2011/2020 fall | S2 | 1.1500 | * | congestion | |
| R2 | 1.1800/20 | * | congestion, May 2013 low | S3 | 1.1445 | * | Nov high | |
| R1 | 1.1695/00 | * | 7 Jan high, congestion | S4 | 1.1420/00 | ** | 17 Dec, Nov lows |
Asterisk denotes strength of level
07:40 GMT - Leaning lower from the 1.1695 high as prices consolidate gains from support at the 1.1400/1.1395 congestion and November low. Pullback see prices unwinding overbought intraday and daily and see room to the 1.1600/1.1580 support. Would take break here to fade the upside pressure and see room for deeper correction to strong support at the 1.1445/1.1400, congestion and November low. Corrective pullback is expected to give way to fresh buying interest later to extend the underlying bull trend from the 2020 year low. Above the 1.1695/1.1700 resistance will see room for continuation to the 1.1800/20 congestion area and 1.1900, 50% Fibonacci level.