Chart AUD/USD Update: Consolidating at .7015 high, room for further gains
Extending sharp rally from the low of last week with break above the .6942, 2024 year high, reaching fresh high at .7015
| Levels | Imp | Comment | Levels | Imp | Comment | |||
|---|---|---|---|---|---|---|---|---|
| R4 | 0.7158 | ** | Feb 2023 year high | S1 | 0.6942 | * | 2024 year high | |
| R3 | 0.7100 | * | congestion | S2 | 0.6900 | ** | 23 Jan high, gap | |
| R2 | 0.7050 | * | congestion | S3 | 0.6850/00 | * | congestion | |
| R1 | 0.7000/15 | ** | figure, 27 Jan YTD high | S4 | 0.6766 | ** | 7 Jan high |
Asterisk denotes strength of level
00:25 GMT - Extending sharp rally from the low of last week with break above the .6942, 2024 year high, reaching fresh high at .7015. Consolidation here see prices unwinding overbought intraday studies but bullish momentum keep pressure on the upside and further gains cannot be ruled out. Higher will see room to the .7050/.7100 congestion. However, stretched daily and weekly studies caution corrective pullback with support now raised to .6942 2024 year high and extending to the .6900 Friday's high and gap area. Would take break here to open up room for deeper corrective pullback to support at the .6850/.6800 congestion.