Chart AUD/USD Update: Further range extension
Still little change
| 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 | 0.6115 | 10 Apr low |
Asterisk denotes strength of level
09:10 BST - Still little change, as mixed intraday studies keep near-term sentiment cautious and extend consolidation following the retest of resistance at 0.6400/25. Overbought daily stochastics are unwinding and the daily Tension Indicator is turning down, suggesting room for fresh losses in the coming sessions. Support remains at 0.6360. A close beneath here, if seen, will add weight to sentiment and complete a short-term distribution top beneath 0.6400/25. Focus will then turn to congestion around 0.6300, with potential for still deeper losses. Meanwhile, a close above the 0.6425 Fibonacci retracement is needed to turn sentiment positive and confirm a significant low in place at the 0.5913 current year low of 9 April. Focus will then turn to congestion around 0.6500.