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(H1) Recovering From the Lows

AUSSIE 3-YEAR TECHS
  • RES 3: 100.00 - Psychological round number
  • RES 2: 99.860 - All time High Nov 3 and the bull trigger
  • RES 1: 99.840 - Nov 23/24 high
  • PRICE: 99.825 @ 16:02 GMT Jan 18
  • SUP 1: 99.795 - Low Jan 12
  • SUP 2: 99.760 - Low Oct 1 and 2
  • SUP 3: 99.705 - Low Sep 18, 21 and 22

The corrective pullback extended throughout last week, pressuring prices to new 2021 lows of 99.795. This still appears corrective for now, with prices recovering since. Attention is on the rally from 99.770, Dec 17/18 low. This level represents a key S/T support. A break of 99.835, Dec 23 high would trigger a stronger round of gains and set the scene for a climb towards 99.840, Nov 23/24 high ahead of the major resistance at 99.860, the all time high from Nov 3. On the downside, a break of 99.770 reinstates a bearish theme.

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