Published: 2024-12-31T09:19:47.000Z
Chart AUD/USD Update: Consolidating - background under pressure
Senior Technical Strategist
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Still little change
| Levels | Imp | Comment | Levels | Imp | Comment | |||
|---|---|---|---|---|---|---|---|---|
| R4 | 0.6400 | * | congestion | S1 | 0.6200 | ** | congestion | |
| R3 | 0.6350 | break level | S2 | 0.6170 | ** | October 2022 (y) low | ||
| R2 | 0.6300 | ** | congestion | S3 | 0.6100 | ** | 76.4% ret of 2020-2021 rally | |
| R1 | 0.6274 | * | 20 Dec high | S4 | 0.6000 | ** | figure |
Asterisk denotes strength of level
09:15 GMT - Still little change, as prices extend cautious trade above congestion support at 0.6200. Daily readings are flat and oversold weekly stochastics are also flattening, suggesting further cautious trade. However, the weekly Tension Indicator is negative and longer-term charts are under pressure, highlighting potential for a later break beneath here and extension of January 2023 losses towards the 0.6100 Fibonacci retracement. Meanwhile, resistance remains up to the 0.6274 high of 20 December. An unexpected break above here will improve price action and prompt further gains towards congestion around 0.6300.