Chart AUD/USD Update: Choppy trade - daily studies under pressure
The fresh test below 0.7065 has posted a fresh bounce from 0.7045
| Levels | Imp | Comment | Levels | Imp | Comment | |||
|---|---|---|---|---|---|---|---|---|
| R4 | 0.7280~ | ** | June 2022 high | S1 | 0.7065 | * | 10-11 Feb lows | |
| R3 | 0.7200 | ** | 61.8% ret of 2021-2025 fall | S2 | 0.7000 | * | congestion | |
| R2 | 0.7147/55~ | ** | 12 Feb YTD high; Feb 2023 (y) high | S3 | 0.6900 | ** | break level | |
| R1 | 0.7100 | break level | S4 | 0.6800 | break level |
Asterisk denotes strength of level
09:15 GMT - The fresh test below 0.7065 has posted a fresh bounce from 0.7045, as oversold intraday studies unwind, with prices currently trading around 0.7075. Continuation towards resistance at 0.7100 cannot be ruled out. But daily readings are falling and overbought weekly stochastics are flattening, suggesting renewed selling interest towards here. Following cautious/corrective trade, fresh losses are looked for. A close below the 0.7065 lows from 10-11 February will add weight to sentiment and open up congestion around 0.7000. Meanwhile, a close above 0.7100 will help to stabilise price action and prompt consolidation beneath strong resistance at 0.7147/55~.