Chart AUD/USD Update: Further consolidation
Still little change, as mixed intraday charts keep near-term sentiment cautious and extend consolidation beneath congestion resistance at 0.6550
| Levels | Imp | Comment | Levels | Imp | Comment | |||
|---|---|---|---|---|---|---|---|---|
| R4 | 0.6688 | * | Nov 2024 (m) high | S1 | 0.6500 | * | congestion | |
| R3 | 0.6630 | * | break level | S2 | 0.6460~ | 5 Nov low | ||
| R2 | 0.6600 | ** | congestion | S3 | 0.6440 | ** | 14 Oct (m) low | |
| R1 | 0.6550 | * | congestion | S4 | 0.6400 | ** | congestion |
Asterisk denotes strength of level
14:50 GMT - Still little change, as mixed intraday charts keep near-term sentiment cautious and extend consolidation beneath congestion resistance at 0.6550. Daily stochastics are rising and the daily Tension Indicator is edging higher, suggesting room for a test. But mixed/negative weekly charts are expected to prompt fresh selling interest/consolidation around here. Following cautious/corrective trade, lower levels are looked for. However, a close below the 0.6440 monthly low of 14 October is needed to turn sentiment negative and extend mid-September losses initially to congestion around 0.6400.