Published: 2024-09-09T14:03:15.000Z
Chart AUD/USD Update: Room for still lower
Senior Technical Strategist
1
The anticipated break below 0.6700 has reached congestion support at 0.6650
| Levels | Imp | Comment | Levels | Imp | Comment | |||
|---|---|---|---|---|---|---|---|---|
| R4 | 0.6824 | * | 29 Aug high | S1 | 0.6650 | congestion | ||
| R3 | 0.6800 | ** | break level | S2 | 0.6600 | * | congestion | |
| R2 | 0.6760 | break level | S3 | 0.6560 | 15 Aug (w) low | |||
| R1 | 0.6700 | ** | congestion | S4 | 0.6500 | ** | congestion |
Asterisk denotes strength of level
14:55 BST - The anticipated break below 0.6700 has reached congestion support at 0.6650, where flattening oversold intraday studies are prompting short-term reactions. Daily readings continue to point lower, however, and broader weekly charts are coming under pressure, highlighting room for a break and continuation of late-August losses towards further congestion around 0.6600. Meanwhile, resistance is lowered to congestion around 0.6700. An unexpected close above here will turn sentiment neutral and prompt consolidation beneath 0.6760.