Chart AUD/USD Update: Focus on the 0.6100 Fibonacci retracement
Little change, as prices extend consolidation above the 0.6130 fresh year low
| Levels | Imp | Comment | Levels | Imp | Comment | |||
|---|---|---|---|---|---|---|---|---|
| R4 | 0.6350 | break level | S1 | 0.6130~ | intraday low | |||
| R3 | 0.6300 | ** | congestion | S2 | 0.6100 | ** | 76.4% ret of 2020-2021 rally | |
| R2 | 0.6274 | * | 20 Dec high | S3 | 0.6000 | ** | figure | |
| R1 | 0.6200 | ** | congestion | S4 | 0.5980 | ** | April 2020 low |
Asterisk denotes strength of level
14:15 GMT - Little change, as prices extend consolidation above the 0.6130 fresh year low. Rising intraday studies suggest potential for a test higher. But deteriorating daily readings and mixed/negative weekly charts are expected to limit scope in renewed selling interest towards congestion resistance at 0.6200. In the coming sessions, fresh losses are looked for. Critical support remains at the 0.6100 Fibonacci retracement, but flattening oversold weekly stochastics could limit any initial tests in short-covering/consolidation. A close beneath here, however, will open up deeper losses towards 0.6000. Meanwhile, a close above 0.6200 will stabilise price action and prompt consolidation beneath 0.6274 - 0.6300.