Chart AUD/USD Update: Extend pullback from .6390 high
No follow-through on break of the .6300 level but pressure remains on the downside following pullback from the .6390 high
| Levels | Imp | Comment | Levels | Imp | Comment | |||
|---|---|---|---|---|---|---|---|---|
| R4 | 0.6515 | * | 50% Sep/Feb fall | S1 | 0.6300 | * | congestion | |
| R3 | 0.6440 | * | 14 Nov low | S2 | 0.6260/50 | ** | 11 Mar low, congestion | |
| R2 | 0.6400/15 | ** | congestion, 38.2% | S3 | 0.6200 | * | congestion | |
| R1 | 0.6330 | * | Jan high | S4 | 0.6185 | ** | 4 Mar low |
Asterisk denotes strength of level
00:15 GMT - No follow-through on break of the .6300 level but pressure remains on the downside following pullback from the .6390 high. Daily studies are unwinding overbought readings and lower will see extension to the .6260/50 congestion. Below this, if seen, will expose the .6200 level to retest. However, corrective pullback is expected to give way to renewed buying interest later. Above the .6330 resistance will clear the way for retest of the .6390 high and the .6400/15 congestion and .6415 Fibonacci level. Clearance here will extend gains from the .6087 February YTD low and see scope to .6500 congestion then the .6515, 50% Fibonacci level.