Chart AUD/USD Update: Extending late-June gains
Minor consolidation is giving way to anticipated continuation of late-June gains
| Levels | Imp | Comment | Levels | Imp | Comment | |||
|---|---|---|---|---|---|---|---|---|
| R4 | 0.7300 | ** | congestion | S1 | 0.7100 | ** | congestion | |
| R3 | 0.7277 | ** | 6 May YTD high | S2 | 0.7050 | * | congestion | |
| R2 | 0.7200 | ** | congestion | S3 | 0.7000 | * | congestion | |
| R1 | 0.7150 | * | congestion | S4 | 0.6950 | congestion |
Asterisk denotes strength of level
14:15 BST - Minor consolidation is giving way to anticipated continuation of late-June gains, with the break above 0.7100 currently trading around 0.7120. Immediate focus is on congestion around 0.7150. But mixed intraday studies could limit any initial tests in consolidation, before improving daily readings prompt a break. This will then open up 0.7200, where already overbought daily stochastics could prompt more significant profit-taking/consolidation.
Meanwhile, support is raised to congestion around 0.7100. A close back beneath here will turn sentiment neutral once again and give way to consolidation above further congestion around 0.7050.