Chart AUD/USD Update: Cautious trade above support at 0.6400/10
The anticipated test of resistance at the 0.6443 monthly low of 13 February is giving way to consolidation
| Levels | Imp | Comment | Levels | Imp | Comment | |||
|---|---|---|---|---|---|---|---|---|
| R4 | 0.6600 | * | congestion | S1 | 0.6400/10 | ** | congestion; 76.4% ret of Oct-Dec rally | |
| R3 | 0.6560 | * | break level | S2 | 0.6350 | * | congestion | |
| R2 | 0.6500 | * | congestion | S3 | 0.6300 | * | congestion | |
| R1 | 0.6443 | ** | 13 Feb (m) low | S4 | 0.6270 | ** | 26 Oct 2023 (y) low | |
Asterisk denotes strength of level
15:10 BST - The anticipated test of resistance at the 0.6443 monthly low of 13 February is giving way to consolidation, as unwinding overbought intraday studies turn near-term sentiment cautious. Oversold daily stochastics are flattening, suggesting room for a fresh test above here. However, the bearish daily Tension Indicator and mixed/negative weekly charts are expected to limit scope in consolidation beneath congestion around 0.6500. Meanwhile, a close below 0.6400/10, not yet seen, will add fresh weight to sentiment and extend late-December losses towards congestion around 0.6350. However, flattening oversold weekly stochastics are expected to limit any initial tests in short-covering/consolidation.