Chart AUD/NZD Update: Consolidating, room for lower later
Little change, with prices confined to range above the 1.1050 support and tracing out a bear flag from the 1.1150/1.1180 highs
| Level | Comment | Level | Comment | |||||
|---|---|---|---|---|---|---|---|---|
| R4 | 1.1200 | * | congestion | S1 | 1.1050 | * | congestion | |
| R3 | 1.1180 | ** | Nov 2024 year high | S2 | 1.1000 | ** | 30 Jan YTD low | |
| R2 | 1.1150 | * | congestion | S3 | 1.0950 | * | congestion | |
| R1 | 1.1100 | * | congestion | S4 | 1.0933 | ** | Dec low |
Asterisk denotes strength of level
07:30 GMT - Little change, with prices confined to range above the 1.1050 support and tracing out a bear flag following rejection from the 1.1150/1.1180, July/November highs. Intraday studies are unwinding oversold readings and see this giving way to break later to open up room for retest of 1.1000 support and January YTD low. Below the latter will turn focus to the 1.0933, December low. Meanwhile, resistance is lowered to the 1.1100 congestion which is expected to cap. Regaining this is needed to ease the downside pressure and sets up scope for retest of the 1.1150 and 1.1180 highs.