Chart AUD/USD Update: Ranging within .6950/.7000 area
Stays supported above the .6950 congestion to extend choppy trade within the .6950/.7000 area
| Levels | Imp | Comment | Levels | Imp | Comment | |||
|---|---|---|---|---|---|---|---|---|
| R4 | 0.7100 | ** | congestion | S1 | 0.6950 | * | congestion | |
| R3 | 0.7080 | * | May low | S2 | 0.6900 | ** | congestion, channel | |
| R2 | 0.7050 | * | congestion | S3 | 0.6865 | ** | Jun low | |
| R1 | 0.7000 | * | congestion | S4 | 0.6833 | ** | Mar low |
Asterisk denotes strength of level
00:15 GMT - Stays supported above the .6950 congestion to extend choppy trade within the .6950/.7000 area. Further ranging action seen for now with break above .7000 congestion needed to open up room for stronger gains to retrace losses from the September high. Clearance will see room towards the .7050 congestion then the strong resistance at the .7080/.7100, May low congestion area. Meanwhile, break of the .6950 support will open up room for retest of the .6933 low of last week and threatens follow-through back to the .6900 level and channel support. Below here, if seen, will extend the September losses to retest the critical .6865/.6833, June and March lows.