Chart AUD/USD Update: Limited downside tests
Anticipated consolidation beneath resistance at the 0.6340 Fibonacci retracement and the 0.6350 break level is giving way to a drift lower
| Levels | Imp | Comment | Levels | Imp | Comment | |||
|---|---|---|---|---|---|---|---|---|
| R4 | 0.6475 | ** | 61.8% ret of Nov-Jan fall | S1 | 0.6300 | ** | congestion | |
| R3 | 0.6450 | break level | S2 | 0.6250 | * | break level | ||
| R2 | 0.6400/10 | ** | break level; 50% ret | S3 | 0.6200 | ** | congestion | |
| R1 | 0.6340/50 | * | 38.2% ret; break level | S4 | 0.6131 | * | 13 Jan YTD low |
Asterisk denotes strength of level
09:00 GMT - Anticipated consolidation beneath resistance at the 0.6340 Fibonacci retracement and the 0.6350 break level is giving way to a drift lower, as intraday studies turn down, with prices currently pressure congestion support at 0.6300. Overbought daily stochastics are also under pressure, highlighting room for a break beneath here towards 0.6250. However, the positive daily Tension Indicator and improving weekly charts are expected to prompt renewed buying interest towards here. Following cautious trade, fresh gains are looked for. A close above 0.6340/50 is needed to turn sentiment positive once again and extend January gains initially towards 0.6400/10.