Chart AUD/NZD Update: Extending gains, focus on 1.0910/30 resistance
Break of resistance at the 1.0840/50 area has seen extension to reach the 1.0900 level
| Level | Comment | Level | Comment | |||||
|---|---|---|---|---|---|---|---|---|
| R4 | 1.1000 | * | Jan low, congestion | S1 | 1.0850/40 | * | congestion, Jun high | |
| R3 | 1.0970 | * | 61.8% Feb/Apr fall | S2 | 1.0800 | * | congestion | |
| R2 | 1.0930 | ** | Dec low | S3 | 1.0760/50 | * | 30 Jun low, congestion | |
| R1 | 1.0910 | ** | Mar low, 50% | S4 | 1.0725 | ** | 3 Jun low |
Asterisk denotes strength of level
06:30 GMT - Break of resistance at the 1.0840/50 area has seen extension to reach the 1.0900 level. Daily and weekly studies are tracking higher and see room to retest strong resistance at the 1.0910/1.0930, March and December lows, which are expected to cap. Break here, will see room to further retrace the February/April losses to the 1.0970, 61.8% Fibonacci level, then the 1.1000 level. Corrective gains are expected to give way to selling pressure later. Meanwhile, support is raised to the 1.0850/40 congestion which should underpin. Below this will return focus to the downside for retest of 1.0800 congestion then the June lows at the 1.0760/50 area and 1.0725.