Chart AUD/USD Update: Consolidating - studies under pressure
Little change, as prices extend cautious trade beneath congestion resistance at 0.6900 and the 0.6925~ high of 25 June
| Levels | Imp | Comment | Levels | Imp | Comment | |||
|---|---|---|---|---|---|---|---|---|
| R4 | 0.7050 | * | congestion | S1 | 0.6850 | ** | 50% ret of Nov-May rally | |
| R3 | 0.7000 | * | congestion | S2 | 0.6833 | ** | 30 Mar (m) low | |
| R2 | 0.6925 | 25 Jun high | S3 | 0.6750 | ** | 61.8% ret of Nov-May rally | ||
| R1 | 0.6900 | * | congestion | S4 | 0.6700 | * | break level |
Asterisk denotes strength of level
14:15 BST - Little change, as prices extend cautious trade beneath congestion resistance at 0.6900 and the 0.6925~ high of 25 June. Rising intraday studies highlight room for a test into here. But bearish daily and weekly charts should limit any tests in renewed selling interest. Following any cautious/corrective trade, fresh losses are looked for. Support remains at the 0.6850 Fibonacci retracement. However, a close below the 0.6833 monthly low of 30 March would turn sentiment negative and extend May losses towards 0.6750 retracement. Meanwhile, a close above 0.6925 would help to stabilise price action and prompt consolidation beneath congestion around 0.7000.