Chart AUD/NZD Update: Higher in consolidation
Turned up from the 1.2270 low see prices retracing losses from the 1.2495 current year high of last week and unwindind oversold intraday and daily studies
| Level | Comment | Level | Comment | |||||
|---|---|---|---|---|---|---|---|---|
| R4 | 1.2600 | * | congestion | S1 | 1.2315 | * | 1 Oct low | |
| R3 | 1.2550 | * | congestion | S2 | 1.2270 | ** | 16 Oct low, 38.2% | |
| R2 | 1.2490/95 | ** | Sep, 14 Oct YTD high | S3 | 1.2200 | * | 50% Aug/Oct rally | |
| R1 | 1.2400 | * | congestion | S4 | 1.2150 | * | congestion |
Asterisk denotes strength of level
06:00 GMT - Turned up from the 1.2270 low see prices retracing losses from the 1.2495 current year high of last week and unwindind oversold intraday and daily studies. Corrective bounce expected to give way to renewed selling pressure later and lower will see deeper pullback to retrace gains from the 1.1915, August low. Break of support at the 1.2285/1.2270 support will see room to 1.2200 congestion and 50% Fibonacci retracement. Meanwhile, resistance is raised to 1.2400 congestion which is expected to cap and sustain losses from the 1.2490/1.2495 double top.