Chart AUD/USD Update: Choppy trade - limited tests higher
The test below 0.6200 has bounced from above the 0.6170 year low of October 2022
| Levels | Imp | Comment | Levels | Imp | Comment | |||
|---|---|---|---|---|---|---|---|---|
| R4 | 0.6400 | * | congestion | S1 | 0.6200 | ** | congestion | |
| R3 | 0.6350 | break level | S2 | 0.6170 | ** | October 2022 (y) low | ||
| R2 | 0.6300 | ** | congestion | S3 | 0.6100 | ** | 76.4% ret of 2020-2021 rally | |
| R1 | 0.6274 | * | 20 Dec high | S4 | 0.6000 | ** | figure |
Asterisk denotes strength of level
14:45 GMT - The test below 0.6200 has bounced from above the 0.6170 year low of October 2022, as intraday studies turn higher, with prices currently balanced in consolidation back above 0.6200. Oversold daily stochastics are also turning higher, unwinding positive divergence, and the daily Tension Indicator is attempting to improve, suggesting potential for a test higher in the coming sessions. Resistance remains at the 0.6274 high of 20 December, but mixed weekly charts should prompt fresh selling interest towards here. Meanwhile, a close below 0.6170 will turn sentiment negative and extend January 2023 losses towards the 0.6100 Fibonacci retracement.