Chart AUD/USD Update: Balanced beneath strong resistance at 0.6400/25
Still little change, as mixed intraday studies prompt further consolidation beneath resistance at the 0.6400 break level
| Levels | Imp | Comment | Levels | Imp | Comment | |||
|---|---|---|---|---|---|---|---|---|
| R4 | 0.6550 | ** | 61.8% ret of Sep-Apr fall | S1 | 0.6300 | ** | congestion | |
| R3 | 0.6500 | * | congestion | S2 | 0.6200 | ** | congestion | |
| R2 | 0.6425 | ** | 50% ret of Sep-Apr fall | S3 | 0.6000 | ** | historic congestion | |
| R1 | 0.6400 | ** | break level | S4 | 0.5913 | * | 9 Apr YTD low |
Asterisk denotes strength of level
14:25 BST - Still little change, as mixed intraday studies prompt further consolidation beneath resistance at the 0.6400 break level. The rising daily Tension Indicator highlights potential for a test. Just higher is the 0.6425 Fibonacci retracement. But flattening overbought daily stochastics and mixed weekly charts are expected to limit any tests of this range in consolidation. A close above here would confirm a significant low in place at the 0.5913 current year low of 9 April, and extend gains initially towards 0.6500. Meanwhile, support remains at congestion around 0.6300. A close beneath here, if seen, will help to stabilise price action and prompt consolidation above further congestion around 0.6200.