Published: 2024-10-29T07:43:11.000Z
Chart AUD/NZD Update: Weighing on the 1.0985/75 support, scope for break
Technical Analyst
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Consolidation below the 1.1050/55 congestion has given way to selling pressure
| Level | Comment | Level | Comment | |||||
|---|---|---|---|---|---|---|---|---|
| R4 | 1.1175 | * | 26 Oct 2022 high | S1 | 1.0975 | ** | 9 Oct low | |
| R3 | 1.1155 | ** | 17 Jul YTD high | S2 | 1.0950/45 | * | congestion, Sep high | |
| R2 | 1.1090 | * | 9 Oct high | S3 | 1.0900 | * | congestion | |
| R1 | 1.1050/55 | * | congestion | S4 | 1.0850 | * | 25 Sep low |
Asterisk denotes strength of level
07:35 GMT - Consolidation below the 1.1050/55 congestion has given way to selling pressure and break of the 1.1000 level turn focus to the 1.0985/1.0975 support. Daily studies are tracking lower from overbought areas and see scope for break here to see deeper pullback to retrace the September/October rally. Lower wil see room to the 1.0950/45 support then the 1.0900 level. Meanwhile, resistance remains at the 1.1050/55 congestion area and now expected to cap and sustain pullback from the 1.1090 high.