Chart AUD/USD Update: Leaning lower
Cautious trade has given way to a fresh pullback
| Levels | Imp | Comment | Levels | Imp | Comment | |||
|---|---|---|---|---|---|---|---|---|
| R4 | 0.7155~ | ** | Feb 2023 (y) high | S1 | 0.6945 | ** | 3 Mar (w) low | |
| R3 | 0.7100 | break level | S2 | 0.6910 | ** | intraday low | ||
| R2 | 0.7050 | * | congestion | S3 | 0.6895/00 | ** | 38.2% ret; break level | |
| R1 | 0.7000 | * | congestion | S4 | 0.6805 | ** | 50% ret of Nov-Mar rally |
Asterisk denotes strength of level
14:30 GMT - Cautious trade has given way to a fresh pullback, with prices currently consolidating the test of support at the 0.6945 weekly low of 3 March. Daily stochastics and the daily Tension Indicator are under pressure, highlighting room for a fresh break beneath here, with focus to turn back to strong support support at the 0.6895 Fibonacci retracement and the 0.6900 break level. Negative weekly charts point to a later break, and extension of mid-March losses towards the 0.6805 retrcement. Meanwhile, resistance is lowered to congestion around 0.7000. A close above here, if seen, would help to stabilise price action and prompt consolidation beneath further congestion around 0.7050.