Chart AUD/USD Update: Under pressure
Cautious trade around congestion resistance at 0.6300 is giving way to the anticipated drift lower
| Levels | Imp | Comment | Levels | Imp | Comment | |||
|---|---|---|---|---|---|---|---|---|
| R4 | 0.6455 | ** | 61.8% ret of Sep-Feb fall | S1 | 0.6250 | * | break level | |
| R3 | 0.6400 | ** | break level | S2 | 0.6200 | ** | congestion | |
| R2 | 0.6385 | ** | 50% ret of Sep-Feb fall | S3 | 0.6131 | * | 13 Jan (m) low | |
| R1 | 0.6300 | ** | congestion | S4 | 0.6100 | ** | 76.4% ret of 2020-2021 rally |
Asterisk denotes strength of level
14:35 GMT - Cautious trade around congestion resistance at 0.6300 is giving way to the anticipated drift lower, with prices currently trading around 0.6275. Intraday studies are negative and daily readings are also turning down, highlighting potential for continuation towards 0.6250. However, rising weekly charts are expected to limit any deeper losses in renewed buying interest/consolidation above congestion support at 0.6200. Meanwhile, a close back above 0.6300 would stabilise price action and prompt consolidation beneath 0.6385/00. A close above here is needed to improve price action and extend February gains towards the 0.6455 retracement.