Published: 2024-10-30T07:18:31.000Z
Chart AUD/NZD Update: Under pressure
Technical Analyst
-
Choppy trade extending pullback from the 1.1090 high to pressure the 1.0985/1.0975 support
| Level | Comment | Level | Comment | |||||
|---|---|---|---|---|---|---|---|---|
| R4 | 1.1175 | * | 26 Oct 2022 high | S1 | 1.0975 | ** | 9 Oct low | |
| R3 | 1.1155 | ** | 17 Jul YTD high | S2 | 1.0950/45 | * | congestion, Sep high | |
| R2 | 1.1090 | * | 9 Oct high | S3 | 1.0900 | * | congestion | |
| R1 | 1.1050/55 | * | congestion | S4 | 1.0850 | * | 25 Sep low |
Asterisk denotes strength of level
07:10 GMT - Choppy trade extending pullback from the 1.1090 high with break of the 1.1000 level exposing support at the 1.0985/1.0975 area to retest. Negative daily studies are still tracking lower from overbought areas and suggest scope for break here to extend pullback to retrace the September/October rally. Lower will see room to the 1.0950/45 congestion area then the 1.0900 level. Meanwhile, resistance remains at the 1.1050/55 congestion area which is expected to cap and sustain pullback from the 1.1090 high.