Chart AUD/USD Update: Cautious trade - studies remain under pressure
The anticipated minor test higher has reached 0.7135~, before settling lower into consolidation around 0.7115
| Levels | Imp | Comment | Levels | Imp | Comment | |||
|---|---|---|---|---|---|---|---|---|
| R4 | 0.7277 | ** | 6 May YTD high | S1 | 0.7100 | ** | congestion | |
| R3 | 0.7250 | * | congestion | S2 | 0.7050 | * | congestion | |
| R2 | 0.7200 | ** | congestion | S3 | 0.7000 | * | congestion | |
| R1 | 0.7150 | * | congestion | S4 | 0.6950 | * | break level |
Asterisk denotes strength of level
14:30 BST - The anticipated minor test higher has reached 0.7135~, before settling lower into consolidation around 0.7115. Oversold daily stochastics are tickinig higher, suggesting room for a retest higher. But the negative daily Tension Indicator and deteriorating weekly charts should limit scope in renewed selling interest towards congestion around 0.7150. A close above here, if seen, will help to stabilise price action and prompt consolidation beneath further congestion around 0.7200.
In the coming sessions, fresh losses are looked for. A later close back below congestion support at 0.7100 will add weight to sentiment and extend September losses, initially towards further congestion around 0.7050.