Chart AUD/NZD Update: Extending gains, but stretched
Break above above the 1.2370 high of last week has seen gains to reach fresh high at 1.2415 before settling back
| Level | Comment | Level | Comment | |||||
|---|---|---|---|---|---|---|---|---|
| R4 | 1.2600 | * | congestion | S1 | 1.2285 | ** | May high | |
| R3 | 1.2500 | ** | congestion | S2 | 1.2250 | * | congestion | |
| R2 | 1.2450 | * | congestion | S3 | 1.2200 | * | congestion | |
| R1 | 1.2400 | * | congestion | S4 | 1.2150 | * | Mar high |
Asterisk denotes strength of level
06:20 GMT - Break above above the 1.2370 high of last week has seen gains to reach fresh high at 1.2415 before settling back in consolidation to unwind overbought intraday studies. Daily chart are stretched as well and caution corrective pullback to support at the 1.2285, May high. Would take break here to open up room for deeper pullback to correct recent strong gains from 1.1915, August low. Lower will see room to the 1.2250/1.2200 congestion area and 1.2150, March high. Meanwhile, close above the 1.2400 level will see room to extend the underlying bull trend from the 2020 year low to target the 1.2450/1.2500 congestion area.