Chart AUD/USD Update: Range-bound above the .6400 low
Steadied at the .6400 low and bounce here see prices unwind oversold intraday studies
| Levels | Imp | Comment | Levels | Imp | Comment | |||
|---|---|---|---|---|---|---|---|---|
| R4 | 0.6600/22 | * | congestion, Sep low | S1 | 0.6440/34 | * | Nov lows | |
| R3 | 0.6550 | ** | 25 Nov high | S2 | 0.6400 | * | 4 Dec low | |
| R2 | 0.6528 | * | 29 Nov high | S3 | 0.6380 | ** | trendline from 2022 year low | |
| R1 | 0.6500 | * | congestion | S4 | 0.6362/48 | ** | Apr, 5 Aug YTD low |
Asterisk denotes strength of level
00:15 GMT - Steadied at the .6400 low and bounce here see prices unwind oversold intraday studies to regain the .6440/34, November lows. However, bearish structure highlights risk for further losses later though nearby see strong support starting at .6380, trendline from the 2022 year low then the .6362/.6348 April and August YTD low. Would expect this area to underpin and limit further losses. Meanwhile, resistance remains at the .6500 congestion. Would need to regain this to open up room for stronger bounce to the strong resistance at the .6528/.6550 lower highs. Clearance here will fade the downside pressure open up stronger recovery to retrace losses from the September high.