Chart AUD/USD Update: Fresh year high within critical resistance
The anticipated test of critical resistance at the 0.7187 monthly high of 11 March and the 0.7200 long-term Fibonacci retracement is giving way consolidation
| Levels | Imp | Comment | Levels | Imp | Comment | |||
|---|---|---|---|---|---|---|---|---|
| R4 | 0.7400 | ** | historic congestion | S1 | 0.7100 | congestion | ||
| R3 | 0.7280~ | ** | June 2022 high | S2 | 0.7050 | * | congestion | |
| R2 | 0.7200 | ** | 61.8% ret of 2021-2025 fall | S3 | 0.7000 | * | congestion | |
| R1 | 0.7187 | ** | 11 Mar (m) high | S4 | 0.6960 | * | 1 Apr (w) high |
Asterisk denotes strength of level
14:30 BST - The anticipated test of critical resistance at the 0.7187 monthly high of 11 March and the 0.7200 long-term Fibonacci retracement is giving way consolidation, as intraday studies turn down and overbought daily stochastics unwind. The daily Tension Indicator continues to rise, however, and weekly stochastics are rising, pointing to room for further gains in the coming sessions. A close above the 0.7200 Fibonacci retracement would turn sentiment positive and confirm continuation of April 2025 gains, as focus then turns to the 0.7280~ high of June 2022. Meanwhile, support remains down to congestion around 0.7100. A close beneath here, if seen, will help to stabilise price action and prompt consolidation above further congestion around 0.7050.