Published: 2024-07-24T00:19:48.000Z
Chart AUD/USD Update: Extending losses, focus on .6600/.6580 support
Technical Analyst
1
Pressure remains firmly on the downside with focus now on the strong support at .6600/.6580 area
| Levels | Imp | Comment | Levels | Imp | Comment | |||
|---|---|---|---|---|---|---|---|---|
| R4 | 0.6750 | * | congestion | S1 | 0.6600 | * | congestion | |
| R3 | 0.6715 | * | May high | S2 | 0.6580 | * | Jun low, 50% | |
| R2 | 0.6700 | * | congestion | S3 | 0.6550 | * | congestion | |
| R1 | 0.6650 | * | congestion | S4 | 0.6530 | * | 61.8% Apr/Jul rally |
Asterisk denotes strength of level
00:10 GMT - Pressure remains firmly on the downside and break of minor support at .6620 turn attention to the strong support at .6600 congestion and extending to the .6580, June low and 50% Fibonacci retracement. Deep oversold daily studies suggest reaction here likely though a later break cannot be ruled out. Lower will open up deeper pullback to the .6550/30 congestion and 61.8% Fibonacci level. Meanwhile, resistance is lowered to the .6650 congestion now expected to cap corrective bounce. Regaining this will ease the downside pressure and open up stronger gains to the .6700 level.