Chart AUD/USD Update: Pressuring strong resistance at 0.6400/25 - studies improving
Little change, as mixed intraday studies and flat overbought daily stochastics keep near-term sentiment cautious
| Levels | Imp | Comment | Levels | Imp | Comment | |||
|---|---|---|---|---|---|---|---|---|
| R4 | 0.6550 | ** | 61.8% ret of Sep-Apr fall | S1 | 0.6360 | break level | ||
| R3 | 0.6500 | * | congestion | S2 | 0.6300 | ** | congestion | |
| R2 | 0.6425 | ** | 50% ret of Sep-Apr fall | S3 | 0.6200 | ** | congestion | |
| R1 | 0.6400 | ** | break level | S4 | 0.6000 | ** | historic congestion |
Asterisk denotes strength of level
09:20 BST - Little change, as mixed intraday studies and flat overbought daily stochastics keep near-term sentiment cautious and extend consolidation within resistance at 0.6400/25. The daily Tension Indicator continues to rise and broader weekly charts have turned positive, highlighting a constructive tone and room for further strength in the coming sessions. A close above the 0.6425 Fibonacci retracement will improve price action and confirm a significant low in place at the 0.5913 current year low of 9 April, as focus turn turns to 0.6500. Meanwhile, support is raised to the 0.6360 break level. A close beneath here, if seen, will turn sentiment neutral and prompt consolidation above congestion around 0.6300.