Chart AUD/NZD Update: Scope to retest 1.2490 high
Higher in consolidation above the 1.2400 level as prices looks to extend bounce from the 1.2315, 1 October low
| Level | Comment | Level | Comment | |||||
|---|---|---|---|---|---|---|---|---|
| R4 | 1.2600 | * | congestion | S1 | 1.2400 | * | congestion | |
| R3 | 1.2550 | * | congestion | S2 | 1.2315 | * | 1 Oct low | |
| R2 | 1.2500 | ** | congestion | S3 | 1.2285 | ** | May high | |
| R1 | 1.2490 | ** | 22 Sep YTD high | S4 | 1.2250 | * | congestion |
Asterisk denotes strength of level
07:10 GMT - Higher in consolidation above the 1.2400 level as prices looks to extend bounce from the 1.2315, 1 October low. Bounce see room for retest of the 1.2490 September current year high with positive daily studies suggesting scope for break here to extend the underlying bull trend from the 2020 year low. Clearance here will see scope for extension to resistance at the 1.2550/1.2600 congestion area. Meanwhile, support at the 1.2400 level should underpin. Would take break here to open up room for retest of the 1.2315 support. Below here will open up room for deeper pulllback to retrace gains from the 1.1915 August low.