Published: 2024-10-04T00:16:04.000Z
Chart AUD/USD Update: Room for lower
Technical Analyst
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Prices remains under pressure and clear break of the .6870 support see room to extend pullback from the .6942 high
Levels | Imp | Comment | Levels | Imp | Comment | |||
---|---|---|---|---|---|---|---|---|
R4 | 0.7030 | * | 14 Feb 2023 high | S1 | 0.6820/00 | ** | Aug, Jul highs | |
R3 | 0.7000 | ** | figure | S2 | 0.6750 | * | congestion | |
R2 | 0.6942 | ** | 30 Sep YTD high | S3 | 0.6700 | * | figure | |
R1 | 0.6900 | * | Jun 2023 high | S4 | 0.6650 | * | congestion |
Asterisk denotes strength of level
00:10 GMT - Prices remains under pressure and clear break of the .6870 support see room to extend pullback from the .6942 high. Daily studies continues to track lower as prices unwind overbought readings and nearby will see room to the strong support at the .6820/00 area. Break here, if seen, will open up deeper correction of the rally from the September low at .6622 towards congestion area at .6750/.6700. Meanwhile, resistance is lowered to the .6870/6900 area, now expected to cap and sustain pullback from the .6942 high.