Chart AUD/USD Update: Limited downside tests
Consolidation following the test of resistance at congestion around 0.6600 and the 0.6630 break level is giving way to a pullback
| Levels | Imp | Comment | Levels | Imp | Comment | |||
|---|---|---|---|---|---|---|---|---|
| R4 | 0.6700 | ** | 76.4% ret of 2024-2025 fall | S1 | 0.6550 | * | congestion | |
| R3 | 0.6688 | * | 7 Nov 2024 (m) high | S2 | 0.6500 | * | congestion | |
| R2 | 0.6630 | * | break level | S3 | 0.6440 | * | 14 Oct (w) low | |
| R1 | 0.6600 | ** | congestion | S4 | 0.6400 | ** | congestion |
Asterisk denotes strength of level
14:30 GMT - Consolidation following the test of resistance at congestion around 0.6600 and the 0.6630 break level is giving way to a pullback, as intraday studies turn down, with prices currently trading around congestion support at 0.6550. Overbought daily stochastics are turning down, highlighting room for a fresh test beneath here. But the rising daily Tension Indicator and mixed/positive weekly charts are expected to limit scope in renewed buying interest above further congestion around 0.6500. Meanwhile, a close above 0.6630 is needed to turn sentiment positive and extend mid-October gains towards critical resistance at the 0.6688 monthly high of November 2024 and the 0.6700 Fibonacci retracement.