Chart AUD/USD Update: Cautious trade - studies under pressure
Still little change, as flattening oversold daily stochastics keep near-term sentiment cautious and extend consolidation around congestion support at 0.6900
| Levels | Imp | Comment | Levels | Imp | Comment | |||
|---|---|---|---|---|---|---|---|---|
| R4 | 0.7200 | ** | break level, 61.8% ret | S1 | 0.6900 | * | congestion | |
| R3 | 0.7100 | congestion | S2 | 0.6850 | ** | 50% ret of Nov-May rally | ||
| R2 | 0.7050 | * | congestion | S3 | 0.6833 | ** | 30 Mar (m) low | |
| R1 | 0.7000 | * | congestion | S4 | 0.6750 | ** | 61.8% ret of Nov-May rally |
Asterisk denotes strength of level
14:40 BST - Still little change, as flattening oversold daily stochastics keep near-term sentiment cautious and extend consolidation around congestion support at 0.6900. The daily Tension Indicator is bearish and broader weekly charts are also under pressure, highlighting room for further losses in the coming sessions. A close beneath here will extend May losses towards stronger support within the 0.6833 monthly low of 30 March and the 0.6850 Fibonacci retracement. However, already oversold daily stochastics could limit any initial tests in short-covering/consolidation. Meanwhile, resistance remains at congestion around 0.7000 and should cap any immediate tests higher.