Chart AUD/USD Update: Room for still lower
The anticipated break below 0.6450 has given way to choppy trade above 0.6425
| Levels | Imp | Comment | Levels | Imp | Comment | |||
|---|---|---|---|---|---|---|---|---|
| R4 | 0.6625 | 24 Jul YTD high | S1 | 0.6400 | * | break level | ||
| R3 | 0.6600 | ** | congestion | S2 | 0.6360 | ** | break level | |
| R2 | 0.6500 | * | congestion | S3 | 0.6335 | ** | 38.2% ret of Apr-Jul rally | |
| R1 | 0.6450 | congestion | S4 | 0.6300 | * | congestion |
Asterisk denotes strength of level
14:55 BST - The anticipated break below 0.6450 has given way to choppy trade above 0.6425, as intraday studies turn mixed/negative. Daily readings continue to track lower and broader weekly charts are bearish, highlighting room for further losses in the coming sessions. Focus is on 0.6360 and the 0.6335 Fibonacci retracement. A close beneath here will confirm a near-term top in place around 0.6600, and extend July losses initially towards 0.6300. Meanwhile, resistance is lowered to congestion around 0.6450. A close above here, if seen, will help to stabilise price action and prompt consolidation beneath further congestion around 0.6500.