Chart AUD/USD Update: Range trade - background studies under pressure
Little change, as prices extend cautious trade beneath congestion resistance at 0.6500
| Levels | Imp | Comment | Levels | Imp | Comment | |||
|---|---|---|---|---|---|---|---|---|
| R4 | 0.6688 | ** | 7 Nov (m) high | S1 | 0.6450 | congestion | ||
| R3 | 0.6600 | ** | congestion | S2 | 0.6400 | * | break level | |
| R2 | 0.6550 | * | congestion | S3 | 0.6360 | ** | break level | |
| R1 | 0.6500 | * | congestion | S4 | 0.6335 | ** | 38.2% ret of Apr-Jul rally |
Asterisk denotes strength of level
14:15 BST - Little change, as prices extend cautious trade beneath congestion resistance at 0.6500. Daily stochastics have turned higher, suggesting room for a test above here. But the flat daily Tension Indicator and bearish weekly charts are expected to limit scope in renewed selling interest beneath further congestion around 0.6550. Meanwhile, support is at congestion around 0.6450. Following cautious trade, a break beneath here is looked for. Focus will then turn to 0.6400. But a further close below 0.6335/60 is needed to turn sentiment negative and confirm completion of a multi-month distribution/rounding top beneath 0.6600.