Chart AUD/NZD Update: Extending gains
Still stretching, with break above 1.2400 level reaching fresh year high at 1.2460
| Level | Comment | Level | Comment | |||||
|---|---|---|---|---|---|---|---|---|
| R4 | 1.2600 | * | congestion | S1 | 1.2370 | * | 9 Sep high | |
| R3 | 1.2550 | * | congestion | S2 | 1.2285 | ** | May high | |
| R2 | 1.2500 | ** | congestion | S3 | 1.2250 | * | congestion | |
| R1 | 1.2460 | intraday high | S4 | 1.2200 | * | congestion |
Asterisk denotes strength of level
06:30 GMT - Still stretching, with break above 1.2400 level reaching fresh year high at 1.2460 as prices extend recent strong gains from the 1.1915 August swing low. Daily studies are overbought and caution corrective pullback with support raised to 1.2370 high of last week. Would take break here to open up room for pullback to strong support at the 1.2285, May high. Would take break here to open up room for deeper pullback 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 the 1.2450/1.2500 congestion area.