Chart AUD/NZD Update: Room for deeper pullback from 1.2490 multi-year high
No follow-through on break of the 1.2400 level as prices consolidate pullback from the 1.2490 multi-year high
| Level | Comment | Level | Comment | |||||
|---|---|---|---|---|---|---|---|---|
| R4 | 1.2600 | * | congestion | S1 | 1.2370 | * | 9 Sep high | |
| R3 | 1.2550 | * | congestion | S2 | 1.2285 | ** | May high | |
| R2 | 1.2500 | ** | congestion | S3 | 1.2250 | * | congestion | |
| R1 | 1.2490 | ** | 22 Sep YTD high | S4 | 1.2200 | * | congestion |
Asterisk denotes strength of level
07:00 GMT - No follow-through on break of the 1.2400 level as prices consolidate pullback from the 1.2490 multi-year high. Daily studies have turned lower to unwind overbought readings and suggest scope to further pressure support at the 1.2400 level and 1.2370 high of 9 September. Break of these will open up room for deeper pulllback to retrace strong gains from the 1.1915 August low towards support at the 1.2285 May high and the 1.2250/1.2200 congestion area. Meanwhile, resistance at the 1.2490/1.2500 high and congestion expected to cap. Clearance, if seen, will extend the underlying bull trend from the 2020 year low.