Chart AUD/USD Update: Consolidating - studies remain under pressure
The anticipated test of congestion support at 0.7000 is giving way to fresh consolidation
| Levels | Imp | Comment | Levels | Imp | Comment | |||
|---|---|---|---|---|---|---|---|---|
| R4 | 0.7200 | ** | congestion | S1 | 0.7000 | * | congestion | |
| R3 | 0.7150 | * | congestion | S2 | 0.6950 | * | break level | |
| R2 | 0.7100 | ** | congestion | S3 | 0.6900 | ** | congestion | |
| R1 | 0.7050 | * | congestion | S4 | 0.6865 | ** | 30 Jun (m) low |
Asterisk denotes strength of level
14:40 BST - The anticipated test of congestion support at 0.7000 is giving way to fresh consolidation, as oversold intraday studies unwind, with prices currently balanced around 0.7025. Daily stochastics and the daily Tension Indicator continue to fall, and broader weekly charts are also bearish, highlighting room for further losses in the coming sessions. A later break below 0.7000 will add weight to price action and extend September losses towards 0.6950.
Meanwhile, resistance remains at congestion around 0.7050. A close back above here, if seen, would help to stabilise sentiment and prompt consolidation beneath 0.7100.