Chart AUD/USD Update: Limited gains - daily studies under pressure
The retest below 0.7065 has posted a fresh bounce from 0.7055
| Levels | Imp | Comment | Levels | Imp | Comment | |||
|---|---|---|---|---|---|---|---|---|
| R4 | 0.7280~ | ** | June 2022 high | S1 | 0.7065 | * | 10-11 Feb lows | |
| R3 | 0.7200 | ** | 61.8% ret of 2021-2025 fall | S2 | 0.7000 | * | congestion | |
| R2 | 0.7147/55~ | ** | 12 Feb YTD high; Feb 2023 (y) high | S3 | 0.6900 | ** | break level | |
| R1 | 0.7100 | break level | S4 | 0.6800 | break level |
Asterisk denotes strength of level
09:00 GMT - The retest below 0.7065 has posted a fresh bounce from 0.7055, as oversold intraday studies unwind, with prices currently pressuring resistance at 0.7100. A break above here cannot be ruled out. But daily readings are falling and overbought weekly stochastics are flattening, suggesting potential for renewed selling interest towards the 0.7147 current year high of 12 February and the 0.7155~ year high of February 2023. Following cautious/corrective trade, fresh losses are looked for. A close below the 0.7065 lows from 10-11 February will add weight to sentiment and open up congestion around 0.7000. Meanwhile, a close above 0.7147/55~ will turn sentiment positive and open up strong resistance at the 0.7200 Fibonacci retracement.