Published: 2024-12-09T07:34:23.000Z
Chart AUD/NZD Update: Rebound at the 1.0935 Fibonacci level
Technical Analyst
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Staging rebound from the 1.0935 61.8% Fibonacci level
| Level | Comment | Level | Comment | |||||
|---|---|---|---|---|---|---|---|---|
| R4 | 1.1150/55 | * | congestion, Jul high | S1 | 1.0935 | * | 61.8% Sep/Nov rally | |
| R3 | 1.1090 | ** | Oct high | S2 | 1.0900 | * | congestion | |
| R2 | 1.1050 | * | congestion | S3 | 1.0850 | * | 25 Sep low | |
| R1 | 1.1000 | * | figure, congestion | S4 | 1.0800 | * | congestion |
Asterisk denotes strength of level
07:20 GMT - Staging rebound from the 1.0935 61.8% Fibonacci level as prices unwind the oversold intraday studies. The daily studies are stretched as well and suggest room for strong correction above the 1.1000 level. Break here will open up room for stronger recovery to retrace losses from the 1.1180, November high and see room to the 1.1050 congestion then the 1.1090, October high. Meanwhile, support at the 1.0935/33 Fibonacci level and intraday low now underpin. Failure here will open up room for deeper pullback to the 1.0900/1.0850 area.