Chart AUD/USD Update: Sentiment turning cautious
The break above 0.6200 has met selling interest just beneath 0.6250
| Levels | Imp | Comment | Levels | Imp | Comment | |||
|---|---|---|---|---|---|---|---|---|
| R4 | 0.6400 | ** | break level | S1 | 0.6200 | ** | congestion | |
| R3 | 0.6350 | break level | S2 | 0.6131 | * | 13 Jan YTD low | ||
| R2 | 0.6300 | ** | congestion | S3 | 0.6100 | ** | 76.4% ret of 2020-2021 rally | |
| R1 | 0.6274 | * | 20 Dec high | S4 | 0.6000 | ** | figure |
Asterisk denotes strength of level
14:45 GMT - The break above 0.6200 has met selling interest just beneath 0.6250, as overbought intraday studies unwind, with prices currently balanced in cautious trade above congestion support at 0.6200. A test beneath here cannot be ruled out, but rising daily readings and a tick higher in oversold weekly stochastics are expected to limit scope in renewed buying interest above the 0.6131 current year low of 13 January and the 0.6100 Fibonacci retracement. Following cautious trade, fresh gains are looked for, with later focus to turn back to resistance within the 0.6274 - 0.6300 area. However, the negative weekly Tension Indicator and bearish longer-term charts could prompt renewed selling interest within here.