Published: 2024-10-29T08:02:22.000Z
Chart EUR/AUD Update: Extending gains from the 1.6000 low
Technical Analyst
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Consolidation below the 1.6325/50 highs has given way to break to extend gains from the 1.6000 support
| Levels | Imp | Comment | Levels | Imp | Comment | |||
|---|---|---|---|---|---|---|---|---|
| R4 | 1.6630 | * | Sep high | S1 | 1.6400 | congestion | ||
| R3 | 1.6590 | * | 50% Aug/Oct fall | S2 | 1.6350 | ** | 8 Oct high | |
| R2 | 1.6565 | 13 Sep high | S3 | 1.6300 | * | 28 Oct low | ||
| R1 | 1.6500 | * | congestion | S4 | 1.6255 | * | Aug low |
Asterisk denotes strength of level
08:00 GMT - Consolidation below the 1.6325/50 highs has given way to break to extend gains from the 1.6000 support. Nearby see resistance at the 1.6500 level and clearance here will see room for stronger gains to retrace the August/October losses to the 1.6590, 50% Fibonacci level. Higher still will see scope to retest the September high at 1.6630 and where reaction can be expected. Meanwhile, support is raised to the 1.6400 level. Below here will see room for deeper pullback in consolidation to the strong support at the 1.6350/1.6300 area.