Published: 2024-11-06T00:13:22.000Z
Chart AUD/USD Update: Room to extend gains
Technical Analyst
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Consolidation below the .6600/15 resistance has given way to break higher to extend gains from the .6537 low
| Levels | Imp | Comment | Levels | Imp | Comment | |||
|---|---|---|---|---|---|---|---|---|
| R4 | 0.6750/60 | * | congestion, 11 Oct high | S1 | 0.6600 | * | congestion | |
| R3 | 0.6700/15 | * | congestion, May high | S2 | 0.6579 | * | 5 Nov low | |
| R2 | 0.6690 | * | 38.2% Sep/Oct fall | S3 | 0.6537 | ** | 30 Oct low | |
| R1 | 0.6650 | * | congestion | S4 | 0.6500 | * | figure, congestion |
Asterisk denotes strength of level
00:10 GMT - Consolidation below the .6600/15 resistance has given way to break higher to extend gains from the .6537 low. Daily studies are unwinding oversold readings and suggest scope for extension to retrace the steep losses from the September high. Nearby see the .6550 congestion now within reach and clearing this will turn focus to the .6690, 38.2% Fibonacci retracement. Higher still will see scope to .6700/15 area. Meanwhile, support is raised to the .6600 level and this should underpin and sustain gains from the .6550/37, congestion and 30 October low, now protecting the downside.