Chart AUD/USD Update: Back in range - studies under pressure
Cautious trade around congestion support at 0.6500 has given way to a minor bounce to 0.6550
| Levels | Imp | Comment | Levels | Imp | Comment | |||
|---|---|---|---|---|---|---|---|---|
| R4 | 0.6723 | 21 Oct (w) high | S1 | 0.6500 | * | congestion | ||
| R3 | 0.6700 | ** | 76.4% ret of Sep-Apr fall | S2 | 0.6450 | congestion | ||
| R2 | 0.6688 | ** | 7 Nov (m) high | S3 | 0.6400 | * | break level | |
| R1 | 0.6600 | ** | congestion | S4 | 0.6360 | ** | break level |
Asterisk denotes strength of level
14:50 BST - Cautious trade around congestion support at 0.6500 has given way to a minor bounce to 0.6550, where overbought intraday studies are prompting short-term reactions. Daily stochastics are falling and the daily Tension Indicator is negative, highlighting room for fresh losses in the coming sessions. A break below 0.6500 will open up further congestion around 0.6450., with room for still deeper losses as overbought weekly stochastics also turn down. Meanwhile, resistance remains at congestion around 0.6600. A close above here is needed to turn sentiment positive and extend April gains towards strong resistance at the 0.6688 monthly high of 7 November and the 0.6700 Fibonacci retracement.