Chart AUD/NZD Update: Higher in choppy trade
Bounce at the 1.2000 level see pressure returning to the upside and sets up scope for retest of the 1.2100 level
| 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
07:10 GMT - Bounce at the 1.2000 level see pressure returning to the upside and sets up scope for retest of the 1.2100 level. Daily studies are mixed but break here cannot be ruled out to expose strong resistance at 1.2130 to retest. Clearance here will see room for retest the 1.2050/1.2100 congestion area and channel resistance from the 1.2285, May current year high. Choppy gains 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 1.1950 support then the 1.1915 low.