Chart AUD/USD Update: Balanced in range
Little change, as prices balanced in 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 | ** | 61.8% ret of Sep-Apr fall | S3 | 0.6360 | ** | break level | |
| R1 | 0.6500 | * | congestion | S4 | 0.6300/10 | ** | cong; 38.2% ret |
Asterisk denotes strength of level
14:30 BST - Little change, as prices balanced in cautious trade beneath congestion resistance at 0.6500. Intraday studies are turning down, highlighting room for a test lower. But mixed/positive daily readings are expected to limit any immediate setbacks in consolidation above congestion support at 0.6450. Broader weekly charts remain under pressure. But a close below 0.6360 is needed to turn sentiment negative and extend June losses towards strong support at congestion around 0.6300 and the 0.6310 Fibonacci retracement. Meanwhile, a close above the 0.6550 Fibonacci retracement would turn sentiment positive and extend April gains towards congestion around 0.6600.