Published: 2024-11-04T07:55:36.000Z
Chart EUR/AUD Update: Sharp bounce to regain the 1.6500 level
Technical Analyst
-
Turned up from the 1.6440 low to regain the 1.6500 level but gains likely to remain limited
| Levels | Imp | Comment | Levels | Imp | Comment | |||
|---|---|---|---|---|---|---|---|---|
| R4 | 1.6700 | * | congestion | S1 | 1.6400 | * | congestion | |
| R3 | 1.6630 | * | Sep high | S2 | 1.6350 | ** | 8 Oct high | |
| R2 | 1.6590 | * | 50% Aug/Oct fall | S3 | 1.6300 | * | 28 Oct low | |
| R1 | 1.6565 | 13 Sep high | S4 | 1.6255 | * | Aug low |
Asterisk denotes strength of level
07:50 GMT - Turned up from the 1.6440 low to regain the 1.6500 level but gains likely to remain limited with resistance at the 1.6565/1.6590, high and 50% Fibonacci level, expected to cap. Lower high sought to further pressure the downside later and break of the 1.6440 low and 1.6400 congestion will turn focus to the strong support at the 1.6350, 8 October high. Lower still, will see room to the 1.6300 level and 1.6255 support. Meanwhile, resistance at the 1.6565/1.6590 area expected to cap. Break will open up extension to the 1.6630 resistance and 1.6700 level.