Chart AUD/NZD Update: Extend corrective bounce from 1.0725
Break above 1.0800 level see prices extending bounce from the 1.0725 low to retrace losses from the 1.0910/30 resistance
| Level | Comment | Level | Comment | |||||
|---|---|---|---|---|---|---|---|---|
| R4 | 1.0930 | * | Dec low | S1 | 1.0800 | * | congestion | |
| R3 | 1.0910 | ** | 21 Mar high, 50% | S2 | 1.0750 | * | congestion | |
| R2 | 1.0882 | * | 22 May high | S3 | 1.0725 | ** | 3 Jun low | |
| R1 | 1.0850 | * | congestion | S4 | 1.0700 | * | congestion |
Asterisk denotes strength of level
07:00 GMT - Break above 1.0800 level see prices extending bounce from the 1.0725 low to retrace losses from the 1.0910/30 resistance. Gains are seen corrective and lower high sought to further pressure the downside later and below the 1.0800 support will return focus to support at 1.0750 and 1.0725 low. Below the latter will open up room for retest of the 1.0700 congestion. Lower still, will return focus to the 1.0650, 22 April current year low. Meanwhile, resistance at 1.0850 is expected to cap. Clearance here is needed to open up room for corrective bounce to resistance at 1.0882 then the 1.0910/30 area.