Published: 2024-10-30T07:41:07.000Z
Chart EUR/AUD Update: Extending gains
Technical Analyst
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Sharply higher to extend break of the 1.6325/50 resistance to reach the 1.6500 level
| Levels | Imp | Comment | Levels | Imp | Comment | |||
|---|---|---|---|---|---|---|---|---|
| R4 | 1.6700 | * | congestion | S1 | 1.6400 | congestion | ||
| R3 | 1.6630 | * | Sep high | S2 | 1.6350 | ** | 8 Oct high | |
| R2 | 1.6590 | * | 50% Aug/Oct fall | S3 | 1.6300 | * | 28 Oct low | |
| R1 | 1.6565 | 13 Sep high | S4 | 1.6255 | * | Aug low |
Asterisk denotes strength of level
07:30 GMT - Sharply higher to extend break of the 1.6325/50 resistance to reach the 1.6500 level. Consolidation here see prices unwinding the overbought intraday studies but bullish momentum suggest this giving way to further gains to retrace the August/October losses. Higher will see scope to the 1.6590, 50% Fibonacci level then the September high at 1.6630 where reaction can be expected. Meanwhile, support is raised to the 1.6400 level which extend to the 1.6350, 8 October high. The latter now expected to underpin and only break here will fade the upside pressure.