Chart AUD/USD Update: Consolidating
Little change, as prices extend consolidation beneath congestion resistance at 0.6550
| Levels | Imp | Comment | Levels | Imp | Comment | |||
|---|---|---|---|---|---|---|---|---|
| R4 | 0.6688 | * | Nov 2024 (m) high | S1 | 0.6500 | * | congestion | |
| R3 | 0.6630 | * | break level | S2 | 0.6460~ | 5 Nov low | ||
| R2 | 0.6600 | ** | congestion | S3 | 0.6440 | ** | 14 Oct (m) low | |
| R1 | 0.6550 | * | congestion | S4 | 0.6400 | ** | congestion |
Asterisk denotes strength of level
14:15 GMT - Little change, as prices extend consolidation beneath congestion resistance at 0.6550. Intraday studies are under pressure and positive daily readings are flattening, suggesting room for a drift lower towards support at congestion around 0.6500. Broader weekly charts are also under pressure, pointing to room for deeper losses. But a close below the 0.6440 monthly low of 14 October is needed to turn sentiment negative and extend mid-September losses initially to congestion around 0.6400. Meanwhile, resistance remains at congestion around 0.6550 and extends to 0.6600. This range should cap any immediate tests higher.