Published: 2024-12-20T06:55:19.000Z
Chart EUR/AUD Update: Consolidating test of 1.6700/20 resistance
Technical Analyst
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Settled back from test of strong resistance at the 1.6700 level and 1.6720, 61.8% Fibonacci retracement
| Levels | Imp | Comment | Levels | Imp | Comment | |||
|---|---|---|---|---|---|---|---|---|
| R4 | 1.6870 | * | 6 Aug high | S1 | 1.6600 | * | congestion | |
| R3 | 1.6800 | * | 8 Aug high | S2 | 1.6500 | * | congestion | |
| R2 | 1.6720 | * | 61.8% Aug/Nov fall | S3 | 1.6420 | * | 13 Dec low | |
| R1 | 1.6700 | * | congestion | S4 | 1.6350 | ** | congestion, 9 Dec low |
Asterisk denotes strength of level
06:50 GMT - Settled back from test of strong resistance at the 1.6700 level and 1.6720, 61.8% Fibonacci retracement. Prices are unwinding overbought intraday studies with support starting at the 1.6600/1.6580 area. The daily studies are stretched as well and suggest scope for break here to open up room for deeper correction to the 1.6500 congestion then the strong support at the 1.6420/1.6350 area. Meanwhile, resistance at the 1.6700/20 now capping and clearance here needed to open up stronger extension to the 1.6800 and 1.6870 resistance.