Chart AUD/NZD Update: Limited pullback
Settled back in consolidation from the 1.1695 high of last week as prices unwind the overbought intraday and daily studies
| Level | Comment | Level | Comment | |||||
|---|---|---|---|---|---|---|---|---|
| R4 | 1.2000 | ** | figure, congestion | S1 | 1.1600 | * | congestion | |
| R3 | 1.1900 | * | 50% 2011/2020 fall | S2 | 1.1500 | * | congestion | |
| R2 | 1.1800/20 | * | congestion, May 2013 low | S3 | 1.1445 | * | Nov high | |
| R1 | 1.1695/00 | ** | 7 Jan YTD high, congestion | S4 | 1.1420/00 | ** | 17 Dec, Nov lows |
Asterisk denotes strength of level
07:20 GMT - Settled back in consolidation from the 1.1695 high of last week as prices unwind the overbought intraday and daily studies to the 1.1600/1.1580 support. Would take break here to fade the upside pressure and open up room for deeper correction to the 1.1500 congestion then the strong support at 1.1445/00 congestion and November low. Corrective pullback is expected to give way to fresh buying interest later to extend the underlying bull trend from the 2020 year low. Break above 1.1695 high will see room for continuation to the 1.1800/20 congestion area and 1.1900, 50% Fibonacci level.