Chart AUD/NZD Update: Extend corrective bounce
Break above the 1.2000 level see prices extending bounce from the 1.1915 low as prices unwind intraday and daily studies
| Level | Comment | Level | Comment | |||||
|---|---|---|---|---|---|---|---|---|
| R4 | 1.2150 | * | Mar high, congestion | S1 | 1.1980 | ** | Jun low | |
| R3 | 1.2130 | ** | 3 Jul low | S2 | 1.1950 | * | congestion | |
| R2 | 1.2100 | * | congestion | S3 | 1.1915 | ** | 3 Aug low | |
| R1 | 1.2050 | * | congestion | S4 | 1.1900 | * | figure, congestion |
Asterisk denotes strength of level
05:35 GMT - Break above the 1.2000 level see prices extending bounce from the 1.1915 low as prices unwind intraday and daily studies. Higher will see room to retrace losses within the bearish channel from the 1.2285 May current year high to the 1.2050 congestion. Higher still, will turn focus to the 1.2100/30 area and low of 3 July which is expected to cap. Corrective gains are expected to give way to renewed selling pressure later. Meanwhile, support is raised to 1.1980 June low. Break here will return focus to the 1.1930/1.1915, July and 3 August low, and see scope to further retrace strong rally from the April 2025 year low.