Published: 2024-11-08T07:13:58.000Z
Chart AUD/NZD Update: Consolidating retest of 1.1075/90, October highs
Technical Analyst
1
Extending bounce from the 1.0965 low of last week to retest the October highs at 1.1075/90
| Level | Comment | Level | Comment | |||||
|---|---|---|---|---|---|---|---|---|
| R4 | 1.1250 | * | Aug 2022 high, congestion | S1 | 1.1050 | * | congestion | |
| R3 | 1.1200 | * | congestion | S2 | 1.1000 | * | 6 Nov low | |
| R2 | 1.1155 | ** | 17 Jul YTD high | S3 | 1.0965/50 | ** | 30 Oct low, congestion | |
| R1 | 1.1090 | * | 9 Oct high | S4 | 1.0900 | * | congestion |
Asterisk denotes strength of level
07:10 GMT - Extending bounce from the 1.0965 low of last week to retest the October highs at 1.1075/90. Break of the latter will trigger extension of gains from the September low at 1.0780 for retest of 1.1155, July YTD high. Reaction at the latter can be expected as daily studies push deep into overbought areas. A later break will see room for extension to the 1.1200, October 2022 congestion. Meanwhile, support is raised to the 1.1050/1.1000 area which should underpin. Failure to hold this will leave the way open up retest of the 1.0965/50, 30 October low and congestion.