Chart AUD/USD Update: Consolidating, but room for deeper pullback
Break of the .7200 level has seen sharp pullback to extend losses from the small pin bar high at .7238 to reach support at .7150
| Levels | Imp | Comment | Levels | Imp | Comment | |||
|---|---|---|---|---|---|---|---|---|
| R4 | 0.7300 | * | congestion | S1 | 0.7150 | * | congestion | |
| R3 | 0.7278 | ** | 6 May YTD high | S2 | 0.7121 | * | 2 Sep low | |
| R2 | 0.7238 | ** | 9 Sep high | S3 | 0.7100 | ** | congestion | |
| R1 | 0.7200 | * | congestion | S4 | 0.7088 | * | May low |
Asterisk denotes strength of level
00:20 GMT - Break of the .7200 level has seen sharp pullback to extend losses from the small pin bar high at .7238 to reach support at .7150. Daily studies have turned down from overbought areas with weekly studies stretched as well to suggest scope for further losses in the coming sessions. Lower will see room to .7121 low of last week then the strong support at .7100/.7088 congestion and May low where reaction can be expected. Failure will open up room for deeper pullback to retrace rally from the .6865 June low. Meanwhile, resistance at the .7200 level is expected to cap and sustain losses from .7238 high.