Chart AUD/USD Update: Leaning lower in range
Still little change, but starting to lean lower from beneath resistance at .7150 to retest support at .7100/.7080 congestion and May low
| Levels | Imp | Comment | Levels | Imp | Comment | |||
|---|---|---|---|---|---|---|---|---|
| R4 | 0.7278 | ** | 6 May YTD high | S1 | 0.7100 | * | congestion | |
| R3 | 0.7238 | ** | 9 Sep high | S2 | 0.7080 | * | May low | |
| R2 | 0.7200 | * | congestion | S3 | 0.7050 | ** | congestion, 50% | |
| R1 | 0.7150 | * | congestion | S4 | 0.7005/00 | ** | 61.8%, congestion |
Asterisk denotes strength of level
00:15 GMT - Still little change, but starting to lean lower from beneath resistance at .7150 to retest support at .7100/.7080 congestion and May low. Mixed daily studies suggest further ranging action above the latter. Would take break of the latter to open up room for deeper pullback to retrace the June/September rally towards the .7050 congestion and 50% Fibonacci level. Meanwhile, resistance at .7150 expected to cap. Regaining this needed to ease the downside pressure and open up room for retest of resistance at .7180/.7200 area and see potential for extension to retest the .7238 and .7378 highs.