Published: 2025-03-27T06:39:59.000Z
Chart AUD/NZD Update: Room to extend corrective bounce
Technical Analyst
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Consolidating test of the 1.1000 level as prices unwind overbought intraday studies
| Level | Comment | Level | Comment | |||||
|---|---|---|---|---|---|---|---|---|
| R4 | 1.1150 | * | Jul high | S1 | 1.0960 | * | 20 Mar high | |
| R3 | 1.1100 | ** | Jan high, congestion | S2 | 1.0933 | * | Dec low, 38.2% 2024 rally | |
| R2 | 1.1030/50 | * | congestion | S3 | 1.0910/00 | ** | 21 Mar low, congestion | |
| R1 | 1.1000 | ** | Jan low, congestion | S4 | 1.0875 | * | 50% 2024 rally |
Asterisk denotes strength of level
06:35 GMT - Consolidating test of the 1.1000 level as prices unwind overbought intraday studies. Break here will see room for stronger gains to retrace sharp losses from the February YTD high at 1.1170 to resistance at the 1.1030/50 congestion. However, the latter is expected to cap and give way to fresh selling pressure later. Meanwhile, support is raised to 1.0960, the 20 March bounce high. Below this will return focus to the 1.0933/1.0910 lows. Break here and the 1.0900 congestion will open up room for deeper pullback to retrace gains from the February 2024 low.