Chart AUD/USD Update: Extending losses
Cautious trade around 0.6500 has given way to anticipated losses
| Levels | Imp | Comment | Levels | Imp | Comment | |||
|---|---|---|---|---|---|---|---|---|
| R4 | 0.6688 | ** | 7 Nov (m) high | S1 | 0.6450 | congestion | ||
| R3 | 0.6625 | 24 Jul YTD high | S2 | 0.6400 | * | break level | ||
| R2 | 0.6600 | ** | congestion | S3 | 0.6360 | ** | break level | |
| R1 | 0.6500 | * | congestion | S4 | 0.6335 | ** | 38.2% ret of Apr-Jul rally |
Asterisk denotes strength of level
14:45 BST - Cautious trade around 0.6500 has given way to anticipated losses, as intraday studies turn down, with prices currently pressuring congestion support at 0.6450.. Daily readings continue to track lower and broader weekly charts are under pressure, highlighting room for further losses in the coming sessions. A close beneath here will extend losses towards 0.6400. However, a further close below 0.6360 and the 0.6335 Fibonacci retracement will confirm a near-term top in place around 0.660, and extend July losses initially towards 0.6300. Meanwhile, resistance is lowered to congestion around 0.6500. A close above here, if seen, will help to stabilise price action and prompt consolidation beneath further congestion around 0.6600.