Published: 2024-11-06T06:10:05.000Z
Chart AUD/USD Update: Reversal turn focus to .6500/.6488 support
Technical Analyst
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Sharply lower following rejection from the .6645 high with the outside range retracing all of the gains from the .6537 low of last week
| Levels | Imp | Comment | Levels | Imp | Comment | |||
|---|---|---|---|---|---|---|---|---|
| R4 | 0.6700/15 | * | congestion, May high | S1 | 0.6550 | * | congestion | |
| R3 | 0.6690 | * | 38.2%Sep/Oct fall | S2 | 0.6537 | * | Oct low | |
| R2 | 0.6645 | ** | intraday high | S3 | 0.6500 | * | figure, congestion | |
| R1 | 0.6600 | * | congestion | S4 | 0.6488 | * | 76.4% Jul/Sep rally |
Asterisk denotes strength of level
06:00 GMT - Sharply lower following rejection from the .6645 high with the outside range retracing all of the gains from the .6537 low of last week. Prices has since steadied at the .6512 low to unwind oversold intraday studies but the downside remains vulnerable and see room to further extend losses from the September high. Lower will see room to the .6500 congestion and .6488, 76.4% Fibonacci level. Meanhile, resistance is lowered to the .6600 level and this now expected to cap and sustain losses from the .6645/.6650 high and congestion.