Chart AUD/USD Update: Limited scope above 0.6900
The bounce following the test of strong support within the 0.6850 Fibonacci retracement and the 0.6865 monthly low of 30 June has reached congestion resistance at 0.6900
| Levels | Imp | Comment | Levels | Imp | Comment | |||
|---|---|---|---|---|---|---|---|---|
| R4 | 0.7050 | * | congestion | S1 | 0.6865 | ** | 30 Jun (m) low | |
| R3 | 0.7000 | * | congestion | S2 | 0.6850 | ** | 50% ret of Nov-May rally | |
| R2 | 0.6950 | * | break level | S3 | 0.6833 | ** | 30-31 Mar (m) lows | |
| R1 | 0.6900 | ** | congestion | S4 | 0.6800 | break level |
Asterisk denotes strength of level
09:30 GMT - The bounce following the test of strong support within the 0.6850 Fibonacci retracement and the 0.6865 monthly low of 30 June has reached congestion resistance at 0.6900. Rising intraday studies highlight room for continuation beyond here. But negative daily readings and deteriorating weekly charts should limit scope in renewed selling interest towards resistance at 0.6950.
Following cautious/corrective trade, fresh losses are looked for. However, a close below 0.6850/65 is needed to turn sentiment negative and confirm continuation of losses from the 0.7277 current year high of 6 May.