Published: 2025-05-07T13:50:57.000Z
Chart AUD/USD Update: Turning away from 0.6500
Senior Technical Strategist
1
The anticipated test of congestion resistance at 0.6500 is giving way to a minor pullback
| Levels | Imp | Comment | Levels | Imp | Comment | |||
|---|---|---|---|---|---|---|---|---|
| R4 | 0.6688 | ** | 7 Nov (m) high | S1 | 0.6440 | * | break level | |
| R3 | 0.6600 | * | congestion | S2 | 0.6400 | * | break level | |
| R2 | 0.6550 | ** | 61.8% ret of Sep-Apr fall | S3 | 0.6360 | break level | ||
| R1 | 0.6500 | * | congestion | S4 | 0.6300 | ** | congestion |
Asterisk denotes strength of level
14:40 BST - The anticipated test of congestion resistance at 0.6500 is giving way to a minor pullback, as intraday studies turn down, with prices currently trading around 0.6465. Overbought daily stochastics are also flattening, suggesting potential for a test of support at 0.6440. But the rising daily Tension Indicator and mixed/positive weekly charts should limit any break in renewed consolidation above 0.6400. Meanwhile, a close above 0.6500 is needed to turn sentiment positive and extend April gains towards the 0.6550 Fibonacci retracement.