Published: 2025-01-15T00:17:03.000Z
Chart AUD/USD Update: Shallow bounce, but room for stronger gains
Technical Analyst
1
Bounce from the .6130 low has seen gains kept in check at the .6200 congestion
| Levels | Imp | Comment | Levels | Imp | Comment | |||
|---|---|---|---|---|---|---|---|---|
| R4 | 0.6348 | * | Aug low | S1 | 0.6170 | * | 2022 year low | |
| R3 | 0.6300 | * | congestion | S2 | 0.6130 | ** | 13 Jan YTD low | |
| R2 | 0.6270 | ** | 2023 year low | S3 | 0.6100 | * | 76.4% 2020/2021 rally | |
| R1 | 0.6200 | * | congestion | S4 | 0.6000 | * | figure |
Asterisk denotes strength of level
00:10 GMT - Bounce from the .6130 low has seen gains kept in check at the .6200 congestion. Daily studies have turned up from oversold areas and suggest scope for break here to open up room for stronger bounce to the strong resistance at the .6270/.6300 area which is expected to cap. Break here, if seen, will clear the way for stronger recovery to retrace sharp losses from the September high. Meanwhile, support is raised to .6170 and this extend to the .6130 low. Break here will extend the broad bearish trend from the 2021 high and see room to the .6100, 76.4% Fibonacci level.