Chart AUD/USD Update: Test higher not sustained
The anticipated test above congestion resistance at 0.7050 has been pushed back from 0.7065/70
| Levels | Imp | Comment | Levels | Imp | Comment | |||
|---|---|---|---|---|---|---|---|---|
| R4 | 0.7200 | ** | congestion | S1 | 0.7000 | * | congestion | |
| R3 | 0.7140 | ** | 21 Sep (w) high | S2 | 0.6950 | * | break level | |
| R2 | 0.7100 | ** | congestion | S3 | 0.6900 | ** | congestion | |
| R1 | 0.7050 | * | congestion | S4 | 0.6865 | ** | 30 Jun (m) low |
Asterisk denotes strength of level
14:20 GMT - The anticipated test above congestion resistance at 0.7050 has been pushed back from 0.7065/70, as overbought intraday studies unwind, with prices currently balanced around 0.7025. Overbought daily stochastics are drifting lower, suggesting room for continuation down to congestion support at 0.7000. But the rising daily Tension Indicator and unwinding oversold weekly stochastics should limit any initial tests in consolidation. The bearish weekly Tension Indicator and negative longer-term charts, however, point to a later break.
Meanwhile, any fresh tests above 0.7050 should meet renewed selling interest beneath 0.7100.