Chart AUD/USD Update: Extending losses
Weak start see prices extending the Friday's break of the .7200 level to reach the support at .7135/.7100 congestion and 38.2% Fibonacci retracement
| Levels | Imp | Comment | Levels | Imp | Comment | |||
|---|---|---|---|---|---|---|---|---|
| R4 | 0.7400 | ** | congestion | S1 | 0.7110/00 | ** | 38.2%, congestion | |
| R3 | 0.7300 | * | congestion | S2 | 0.7055 | * | 50% Mar/May rally | |
| R2 | 0.7278/80 | ** | 6 May YTD high, congestion | S3 | 0.7000 | ** | congestion, 61.8% | |
| R1 | 0.7200 | * | congestion | S4 | 0.6962 | * | 1 Apr high |
Asterisk denotes strength of level
00:15 GMT - Weak start see prices extending the Friday's break of the .7200 level to reach the support at .7135/.7100 congestion and 38.2% Fibonacci retracement. Would expect reaction here but a later break cannot be ruled out to retrace gains from the .6833 March low. Lower will see scope to support at the .7055 and .7000 Fibonacci levels. Meanwhile, resistance remains at the .7200 level which is expected to cap corrective bounce. Regaining this will fade the downside pressure and return focus to the upside for retest of .7278/80 current year high and congestion area.