Chart AUD/USD Update: Consolidating - studies improving
Little change, as mixed intraday studies keep near-term sentiment cautious
| Levels | Imp | Comment | Levels | Imp | Comment | |||
|---|---|---|---|---|---|---|---|---|
| R4 | 0.6600 | ** | congestion | S1 | 0.6450 | congestion | ||
| R3 | 0.6550 | ** | 61.8% ret of Sep-Apr fall | S2 | 0.6400 | * | break level | |
| R2 | 0.6537 | 26 May - 5 Jun YTD high | S3 | 0.6360 | ** | break level | ||
| R1 | 0.6500 | * | congestion | S4 | 0.6300 | congestion |
Asterisk denotes strength of level
14:15 BST - Little change, as mixed intraday studies keep near-term sentiment cautious and extend consolidation around congestion resistance at 0.6500. Daily readings are positive and broader weekly charts have ticked higher, highlighting an improvement in sentiment and room for renewed gains in the coming sessions. Resistance is at the 0.6537 current year high. But a further close above the 0.6550 Fibonacci retracement is needed to turn sentiment positive and extend April gains initially to congestion around 0.6600. Meanwhile, a close below congestion support at 0.6450, if seen, will turn sentiment neutral and prompt consolidation above 0.6400.