Chart AUD/USD Update: Prices remain under pressure
Cautious trade has given way to the anticipated break below 0.6500
Levels | Imp | Comment | Levels | Imp | Comment | |||
---|---|---|---|---|---|---|---|---|
R4 | 0.6650 | * | congestion | S1 | 0.6450 | congestion | ||
R3 | 0.6600 | * | congestion | S2 | 0.6400/10 | ** | congestion; 76.4% ret of Oct-Dec rally | |
R2 | 0.6560 | * | break level | S3 | 0.6362 | ** | 19 Apr YTD low | |
R1 | 0.6500 | * | congestion | S4 | 0.6350 | * | congestion | |
Asterisk denotes strength of level
08:55 BST - Cautious trade has given way to the anticipated break below 0.6500, with prices meeting buying interest around 0.6465 as oversold intraday studies unwind. Daily stochastics continue to turn down, however, and the rising daily Tension Indicator is also flattening, suggesting potential for continuation down to congestion support at 0.6450. Improving weekly charts, however, should limit any deeper losses in fresh buying interest above strong support at congestion around 0.6400 and the 0.6410 Fibonacci retracement. Meanwhile, resistance is lowered to congestion around 0.6500. A close above here would turn sentiment neutral once again and prompt fresh consolidation beneath 0.6560.