Chart AUD/USD Update: Balanced above the 0.6430 Fibonacci retracement - studies under pressure
Little change, as mixed intraday studies keep near-term sentiment cautious
| Levels | Imp | Comment | Levels | Imp | Comment | |||
|---|---|---|---|---|---|---|---|---|
| R4 | 0.6650 | break level | S1 | 0.6440 | * | 14 Nov (w) low | ||
| R3 | 0.6600 | * | congestion | S2 | 0.6430 | * | 76.4% ret of 2023-2024 rally | |
| R2 | 0.6550 | break level | S3 | 0.6400 | minor congestion | |||
| R1 | 0.6500 | * | congestion | S4 | 0.6348 | ** | 5 Aug YTD low |
Asterisk denotes strength of level
08:55 GMT - Little change, as mixed intraday studies keep near-term sentiment cautious and extend consolidation above strong support at the 0.6430 Fibonacci retracement and the 0.6440 weekly low of 14 November. Daily readings continue to fall and broader weekly charts are tracking lower, highlighting room for fresh losses in the coming sessions. However, a close beneath 0.6430 is needed to turn sentiment negative once again and extend September losses towards 0.6400. By-then oversold daily stochastics should limit any further weakness in short-covering towards strong support at the 0.6348 current year low of 5 August. Meanwhile, a close above congestion resistance at 0.6500 would help to stabilise sentiment and prompt consolidation beneath 0.6550.