Chart AUD/USD Update: Pressuring year highs - daily studies improving
Choppy trade has given way to a test of congestion resistance at 0.6600
| Levels | Imp | Comment | Levels | Imp | Comment | |||
|---|---|---|---|---|---|---|---|---|
| R4 | 0.6750 | * | congestion | S1 | 0.6500 | * | congestion | |
| R3 | 0.6700 | ** | 76.4% ret of Sep-Apr fall | S2 | 0.6450 | congestion | ||
| R2 | 0.6688 | ** | 7 Nov (m) high | S3 | 0.6400 | * | break level | |
| R1 | 0.6600 | ** | congestion | S4 | 0.6360 | ** | break level |
Asterisk denotes strength of level
14:45 BST - Choppy trade has given way to a test of congestion resistance at 0.6600, where unwinding overbought intraday studies are prompting fresh reactions. Daily readings continue to rise, highlighting room for a break above here. April gains will then extend and post fresh 2025 year highs, as focus turns to strong resistance at the 0.6688 monthly high of 7 November and the 0.6700 Fibonacci retracement. However, positive weekly charts are flattening, suggesting any initial tests of this range could give way to profit-taking/consolidation. Meanwhile, support remains down to congestion around 0.6500 and should underpin any immediate setbacks.