Chart AUD/USD Update: Higher in range
Cautious trade has given way to a fresh push higher to 0.6490
| Levels | Imp | Comment | Levels | Imp | Comment | |||
|---|---|---|---|---|---|---|---|---|
| R4 | 0.6600 | ** | congestion | S1 | 0.6450 | congestion | ||
| R3 | 0.6550 | ** | 61.8% ret of Sep-Apr fall | S2 | 0.6400 | * | break level | |
| R2 | 0.6537 | 26 May YTD high | S3 | 0.6360 | break level | |||
| R1 | 0.6500 | * | congestion | S4 | 0.6300 | ** | congestion |
Asterisk denotes strength of level
14:20 BST - Cautious trade has given way to a fresh push higher to 0.6490, where overbought intraday studies are prompting fresh reactions. Daily stochastics have ticked up, suggesting room for a test of congestion resistance at 0.6500. But the bearish daily Tension Indicator is expected to limit any initial tests in consolidation. Broader weekly charts are turning higher, suggesting potential for further strength. But a close above the 0.6537 current year high of 26 May is needed to turn sentiment positive and confirm continuation of April gains. Meanwhile, support is at 0.6450 and extends to 0.6400. This range should underpin any immediate setbacks.