Chart AUD/NZD Update: Still firm above 1.2000/1.1980 support
Keeping below the 1.2100 high of last week as prices consolidate bounce from the 1.1915 low
| Level | Comment | Level | Comment | |||||
|---|---|---|---|---|---|---|---|---|
| R4 | 1.2200 | * | congestion | S1 | 1.2000 | * | congestion | |
| R3 | 1.2150 | * | Mar high, congestion | S2 | 1.1980 | ** | Jun low | |
| R2 | 1.2130 | ** | 3 Jul low | S3 | 1.1950 | * | congestion | |
| R1 | 1.2100 | * | congestion | S4 | 1.1915 | ** | 3 Aug low |
Asterisk denotes strength of level
06:00 GMT - Keeping below the 1.2100 high of last week as prices consolidate bounce from the 1.1915 low. Daily studies are mixed but further gains cannot be ruled out to retest strong resistance at the 1.2100/30 area. Beyond this will see scope to the 1.2200 level which is expected to cap. Recent choppy gains are expected to give way to fresh selling pressure later with support at the 1.2000 congestion and extending to 1.1980 June low. Would take break here to return focus to the downside for retest of the 1.1980 support. Below here will return focus to the 1.1915 low and see scope to extend losses from the 1.2285, May current year high.