Published: 2024-11-04T14:29:32.000Z
Chart AUD/USD Update: Gains to remain limited
Senior Technical Strategist
1
Still little change
| Levels | Imp | Comment | Levels | Imp | Comment | |||
|---|---|---|---|---|---|---|---|---|
| R4 | 0.6760 | break level | S1 | 0.6535~ | ** | 30 Oct (m) low | ||
| R3 | 0.6700 | ** | congestion | S2 | 0.6500 | ** | congestion | |
| R2 | 0.6650 | break level | S3 | 0.6490 | ** | 76.4% ret of Aug-Sep rally | ||
| R1 | 0.6600 | * | congestion | S4 | 0.6472 | ** | 6 Aug low |
Asterisk denotes strength of level
14:25 GMT - Still little change, as mixed intraday studies keep near-term sentiment cautious and extend consolidation around congestion resistance at 0.6600. Oversold daily stochastics are ticking higher and the daily Tension Indicator is also turning up, suggesting potential for a test above here. But negative weekly charts are expected to limit any break in renewed selling interest beneath the 0.6650 break level. Following corrective trade, fresh losses are looked for. However, a break below the 0.6535 monthly low of 30 October is needed to add weight to sentiment and open up a test of strong support at congestion around 0.6500 and the 0.6490 Fibonacci retracement.