Chart AUD/USD Update: Limited tests higher
Anticipated losses have extended to 0.7120~, where rising intraday studies are prompting a bounce towards resistance at 0.7200
| Levels | Imp | Comment | Levels | Imp | Comment | |||
|---|---|---|---|---|---|---|---|---|
| R4 | 0.7500 | ** | historic congestion | S1 | 0.7100 | congestion | ||
| R3 | 0.7400 | ** | historic congestion | S2 | 0.7050 | * | congestion | |
| R2 | 0.7280~ | ** | June 2022 high | S3 | 0.7000 | * | congestion | |
| R1 | 0.7200 | ** | break level, 61.8% ret | S4 | 0.6900 | * | congestion |
Asterisk denotes strength of level
14:25 BST - Anticipated losses have extended to 0.7120~, where rising intraday studies are prompting a bounce towards resistance at 0.7200. Daily readings continue to point lower and broader weekly charts are coming under pressure, highlighting potential for renewed selling pressure towards here. In the coming sessions, cautious trade is expected to give way to fresh losses, with focus to turn back to congestion support at 0.7100. A close beneath here will add weight to sentiment and open up further congestion around 0.7050. Meanwhile, a close back above 0.7200, if seen, would help to stabilise price action once again and give way to consolidation beneath strong resistance at the 0.7280~ high of June 2022.