Chart AUD/USD Update: Extend consolidation at .7000
Little change, as prices turned back up to start the week at the .7000 level and extend consolidation within the .6960/.7020 area
| Levels | Imp | Comment | Levels | Imp | Comment | |||
|---|---|---|---|---|---|---|---|---|
| R4 | 0.7120 | * | 61.8% May/Jun fall | S1 | 0.6950 | * | congestion | |
| R3 | 0.7100 | ** | congestion | S2 | 0.6912/00 | * | 14 Jul low, congestion | |
| R2 | 0.7070/80 | * | 50%, May low | S3 | 0.6865 | ** | Jun low | |
| R1 | 0.7000/20 | * | congestion, 38.2% | S4 | 0.6833 | ** | Mar low |
Asterisk denotes strength of level
00:15 GMT - Little change, as prices turned back up to start the week at the .7000 level and extend consolidation within the .6960/.7020 area. Daily studies are mixed and suggest further extension around the .7000 level while positive weekly studies suggest scope to extend gains from the .6865 June low. Break above the .7000/20 will see room for stronger gains to retrace the May/June losses to strong resistance at the .7070/.7100 area. Meanwhile, support remains at the .6960/.6950 congestion. Would take break here to fade the upside pressure and room towards support at the .6912/00 area.