Chart AUD/USD Update: Consolidating bounce from .6900
Edged lower from the .6990 Tuesday's high as prices consolidate bounce from the .6900 low of last week
| Levels | Imp | Comment | Levels | Imp | Comment | |||
|---|---|---|---|---|---|---|---|---|
| R4 | 0.7100 | ** | congestion | S1 | 0.6950 | * | congestion | |
| R3 | 0.7080 | * | May low | S2 | 0.6900 | ** | congestion, channel | |
| R2 | 0.7050 | * | congestion | S3 | 0.6865 | ** | Jun low | |
| R1 | 0.7000 | * | congestion | S4 | 0.6833 | ** | Mar low |
Asterisk denotes strength of level
00:15 GMT - Edged lower from the .6990 Tuesday's high as prices consolidate bounce from the .6900 low of last week. Mixed daily studies suggest ranging action to extend with support at the .6950/.6900 area expected to underpin. Break here, if seen, will extend the September losses to retest the critical .6865/.6833, June and March lows. Meanwhile, resistance remains at the .7000 level. Would take break here to ease the downside pressure and open up room for stronger gains to retrace losses from the .7238, September high. Clearance will see room to the .7050 congestion and strong resistance at .7080, May low.