Chart AUD/NZD Update: Extend consolidation around 1.1900
Little change, as prices extend consolidation around the 1.1900 level following pullback from the 1.1980 high of last week
| Level | Comment | Level | Comment | |||||
|---|---|---|---|---|---|---|---|---|
| R4 | 1.2150 | * | congestion | S1 | 1.1850 | * | congestion | |
| R3 | 1.2100 | * | Jun 2013 high | S2 | 1.1800 | * | congestion | |
| R2 | 1.2000 | * | figure, congestion | S3 | 1.1760 | * | 38.2% Nov/Mar rally | |
| R1 | 1.1980 | ** | 3 Mar YTD high | S4 | 1.1700/80 | ** | congestion, 17 Feb low |
Asterisk denotes strength of level
06:40 GMT - Little change, as prices extend consolidation at the 1.1900 level following pullback from the 1.1980 high of last week. Pullback see prices unwinding the overbought daily and weekly studies and see room to retrace strong gains from the November low to the 1.1850/1.1800 area. Below this will see scope to 1.1760, 38.2% Fibonacci level. Lower still, will open up room to strong support at the 1.1700/1.1680 area and 1.1635, November high. Meanwhile, resistance at the 1.1980 current year high is expected to cap. Clearance will further extend the underlying bull trend from 2020 year low.