Published: 2024-12-11T15:08:27.000Z
Chart AUD/USD Update: Consolidating above fresh year low
Senior Technical Strategist
1
Cautious trade has given way to a test below the 0.6348 monthly low of 5 August
| Levels | Imp | Comment | Levels | Imp | Comment | |||
|---|---|---|---|---|---|---|---|---|
| R4 | 0.6550 | break level | S1 | 0.6348 | ** | 5 Aug (m) low | ||
| R3 | 0.6500 | * | congestion | S2 | 0.6336 | current 2024 year low | ||
| R2 | 0.6450 | break level | S3 | 0.6300 | ** | congestion | ||
| R1 | 0.6400 | * | congestion | S4 | 0.6270 | ** | 26 Oct 2023 (y) low |
Asterisk denotes strength of level
14:55 GMT - Cautious trade has given way to a test below the 0.6348 monthly low of 5 August, with prices posting a fresh year low at 0.6336 before bouncing back into consolidation above 0.6348. Daily stochastics have turned mixed, suggesting potential for fresh consolidation, before the bearish daily Tension Indicator and deteriorating weekly charts prompt fresh losses. A close below 0.6348 will add weight to sentiment and extend September losses initially to congestion around 0.6300. Meanwhile, a close above congestion resistance at 0.6400, if seen, will turn sentiment neutral and give way to consolidation beneath 0.6450.