Published: 2025-05-07T06:44:53.000Z
Chart AUD/NZD Update: Lower in consolidation below 1.0850 resistance
Technical Analyst
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Turned down from test of the 1.0850 resistance and 38.2% Fibonacci level as prices unwind overbought intraday and daily studies
| Level | Comment | Level | Comment | |||||
|---|---|---|---|---|---|---|---|---|
| R4 | 1.1000 | ** | Jan low, congestion | S1 | 1.0800 | * | congestion | |
| R3 | 1.0930 | ** | Dec low | S2 | 1.0780 | * | Sep low | |
| R2 | 1.0910 | * | 21 Mar low, 50% | S3 | 1.0750 | * | congestion | |
| R1 | 1.0850 | * | congestion, 38.2% | S4 | 1.0700 | * | congestion |
Asterisk denotes strength of level
06:40 GMT - Turned down from test of the 1.0850 resistance and 38.2% Fibonacci level as prices unwind overbought intraday and daily studies. Pullback see support at the 1.0800/1.0700 area which is expected to underpin and sustain gains from the 1.0650, April YTD low. Corrective pullback expected to give way to renewed buying interest later and break above 1.0850 will see room for further gains to retrace the steep February/April losses to strong resistance at 1.0910, 50% Fibonacci level. Higher still, will see scope to the strong resistance at 1.0930, December low.