Chart AUD/USD Update: Drifting higher
Little change, as mixed intraday studies keep near-term sentiment cautious and extend consolidation above congestion support at 0.7200
| Levels | Imp | Comment | Levels | Imp | Comment | |||
|---|---|---|---|---|---|---|---|---|
| R4 | 0.7350 | ** | congestion | S1 | 0.7200 | ** | congestion | |
| R3 | 0.7300 | ** | congestion | S2 | 0.7150 | * | congestion | |
| R2 | 0.7277 | ** | 6 May YTD high | S3 | 0.7100 | ** | congestion | |
| R1 | 0.7250 | * | congestion | S4 | 0.7050 | * | congestion |
Asterisk denotes strength of level
14:35 BST - Little change, as mixed intraday studies keep near-term sentiment cautious and extend consolidation above congestion support at 0.7200. Mixed daily studies are showing signs of improvement and broader weekly charts continue to rise, suggesting continuation of late-June gains towards critical resistance within congestion around 0.7250 and the 0.7277 current year high of 6 May. However, already overbought weekly stochastics could limit any initial tests in profit-taking/consolidation.
Meanwhile, any tests back below 0.7200 should give way to consolidation above further congestion around 0.7150. A close beneath here, if seen, will add weight to sentiment and open up a test of congestion around 0.7100.