Chart AUD/USD Update: Outside range weighs
Gave way to selling pressure last Friday as prices turned down from the .7208 high to signal a bearish outside range day
| Levels | Imp | Comment | Levels | Imp | Comment | |||
|---|---|---|---|---|---|---|---|---|
| R4 | 0.7350 | * | congestion | S1 | 0.7150 | * | congestion | |
| R3 | 0.7300 | * | congestion | S2 | 0.7100 | ** | congestion | |
| R2 | 0.7278 | ** | 6 May YTD high | S3 | 0.7080 | * | May low, 38.2% | |
| R1 | 0.7200 | * | 29 May high, congestion | S4 | 0.7025 | ** | 21 Jul high |
Asterisk denotes strength of level
00:30 GMT - Gave way to selling pressure last Friday as prices turned down from the .7208 high to signal a bearish outside range day. Daily studies have turned down from overbought areas and suggest see risk for break of .7150 support to open up room for deeper correction of the rally from .6865 June low. Lower will see room to strong support at .7100./7080 support area and 38.2% Fibonacci level. The latter expected to underpin and give way to renewed buying interest later. Meanwhile, resistance is at the .7200 congestion. A later break here will turn focus to the .7278 current year high of 6 May.