Chart AUD/USD Update: Under pressure
Cautious trade is giving way to a fresh test lower
| Levels | Imp | Comment | Levels | Imp | Comment | |||
|---|---|---|---|---|---|---|---|---|
| R4 | 0.6400 | * | congestion | S1 | 0.6200 | ** | congestion | |
| R3 | 0.6350 | break level | S2 | 0.6170 | ** | October 2022 (y) low | ||
| R2 | 0.6300 | ** | congestion | S3 | 0.6100 | ** | 76.4% ret of 2020-2021 rally | |
| R1 | 0.6274 | * | 20 Dec high | S4 | 0.6000 | ** | figure |
Asterisk denotes strength of level
14:35 GMT - Cautious trade is giving way to a fresh test lower, with prices currently pressuring support at coongestion around 0.6200. Intraday studies are under pressure, highlighting room for a break to the 0.6170 year low of October 2022. But mixed daily readings are expected to limit any initial tests in consolidation, before deteriorating weekly charts prompt a break. A close below 0.6170 will turn sentiment negative, and extend February 2021 losses towards the 0.6100 Fibonacci retracement. Meanwhile, resistance remains at the 0.6274 high of 20 December and extends to congestion around 0.6300. This area should continue to cap any immediate tests higher.