Chart AUD/USD Update: Consolidating above .7150 support
Bounce from the .7150 support see prices retracing losses from the .7208 high and unwinding oversold intraday studies
| Levels | Imp | Comment | Levels | Imp | Comment | |||
|---|---|---|---|---|---|---|---|---|
| R4 | 0.7350 | * | congestion | S1 | 0.7150 | * | congestion | |
| R3 | 0.7300 | * | congestion | S2 | 0.7100 | ** | congestion | |
| R2 | 0.7278 | ** | 6 May YTD high | S3 | 0.7080 | * | May low, 38.2% | |
| R1 | 0.7200 | * | 29 May high, congestion | S4 | 0.7025 | ** | 21 Jul high |
Asterisk denotes strength of level
00:20 GMT - Bounce from the .7150 support see prices retracing losses from the .7208 high and unwinding oversold intraday studies. However, daily studies have turned down from overbought areas and suggest resistance at the .7200 congestion expected to keep gains in check. Consolidation below the latter see risk for break of .7150 support to open up room for deeper pullback to correct rally from .6865 June low. Lower will see room to strong support at .7100./7080 support area and 38.2% Fibonacci level. Meanwhile, close above the .7200 congestion will turn focus to the .7278 current year high of 6 May.