Published: 2024-05-06T07:15:56.000Z
Chart EUR/AUD Update: Still weak
Technical Analyst
3
Consolidating at the 1.6235 low but weak daily and weekly studies keeps pressure on the downside
Levels | Imp | Comment | Levels | Imp | Comment | |||
---|---|---|---|---|---|---|---|---|
R4 | 1.6495/00 | * | 30 Apr high, congestion | S1 | 1.6235 | 3 May low | ||
R3 | 1.6455 | * | congestion | S2 | 1.6200 | * | congestion | |
R2 | 1.6365/00 | * | 10 Apr low, figure | S3 | 1.6130 | ** | 2 Jan YTD low | |
R1 | 1.6300 | figure | S4 | 1.6000 | * | 38.2% 2022/2023 rally |
07:15 GMT - Consolidating at the 1.6235 low but weak daily and weekly studies keeps pressure on the downside and see room to further extend losses from the 1.6745, March YTD high. Lower will further extend losses within the bear channel from the August high and see room to the 1.6200 congestion. Lower still will see scope for retest of the 1.6130, January YTD low. Break here will extend the broader losses from the August 2023 year high. Meanwhile, resistance is lowered to the 1.6300 level then the 1.6365/1.6400 area which is expected to cap and sustain losses from the 1.6680, April high.