Published: 2024-11-05T07:32:34.000Z
Chart EUR/AUD Update: Consolidating at the 1.6500 level, room for lower later
Technical Analyst
-
Bounce from the 1.6440 low see prices back in consolidation around the 1.6500 level
| Levels | Imp | Comment | Levels | Imp | Comment | |||
|---|---|---|---|---|---|---|---|---|
| R4 | 1.6760 | * | 15 Aug high | S1 | 1.6440 | * | 4 Nov low | |
| R3 | 1.6700 | * | congestion | S2 | 1.6400 | * | congestion | |
| R2 | 1.6630 | ** | Sep high | S3 | 1.6350 | ** | 8 Oct high | |
| R1 | 1.6590 | * | 50% Aug/Oct fall | S4 | 1.6300 | * | 28 Oct low |
Asterisk denotes strength of level
07:30 GMT - Bounce from the 1.6440 low see prices back in consolidation around the 1.6500 level. However, the 1.6590/00, 50% Fibonacci level, is expected to cap and lower high sought to further pressure the downside later. Break of the 1.6440 low and 1.6400 congestion will turn focus to the strong support at the 1.6350, 8 October high. Failure to hold the latter will see return focus to the downside and see room to the 1.6300 level and 1.6255 support. Meanwhile, resistance at the 1.6590/1.6630 area expected to cap. Break here will further retrace the August/October losses.