Chart AUD/USD Update: Consolidating above .6170, 2022 year low
Range-bound above the Tuesday's .6179 low as prices consolidate above the critical support at .6170, the 2022 year low
| Levels | Imp | Comment | Levels | Imp | Comment | |||
|---|---|---|---|---|---|---|---|---|
| R4 | 0.6400 | * | congestion | S1 | 0.6179 | ** | 31 Dec 2024 year low | |
| R3 | 0.6348 | ** | Aug low | S2 | 0.6170 | ** | 13 Oct 2022 year low | |
| R2 | 0.6300 | * | congestion | S3 | 0.6100 | * | 76.4% 2020/2021 rally | |
| R1 | 0.6270 | ** | Oct 2023 year low | S4 | 0.6000 | * | figure |
Asterisk denotes strength of level
00:10 GMT - Range-bound above the Tuesday's .6179 low as prices consolidate above the critical support at .6170, the 2022 year low. The latter expected to limit further losses for now as prices unwind oversold intraday and daily studies with the resulting 2-week wedge pattern suggesting scope for corrective bounce. Resistance is at .6270, the 2023 year low. Only above here will see scope for stronger bounce to the .6300/.6348 area. However, the downside remains vulnerable and failure to hold the .6170 support will open up further slide to the .6100, 76.4% Fibonacci level, then the .6000 figure.