Chart AUD/USD Update: Choppy USD-driven range trade
The anticipated test of congestion resistance at 0.7000 has been pushed back from 0.7015~ in USD- driven trade
| Levels | Imp | Comment | Levels | Imp | Comment | |||
|---|---|---|---|---|---|---|---|---|
| R4 | 0.7150 | * | congestion | S1 | 0.6950 | * | break level | |
| R3 | 0.7100 | ** | congestion | S2 | 0.6900 | ** | congestion | |
| R2 | 0.7050 | * | congestion | S3 | 0.6865 | ** | 30 Jun (m) low | |
| R1 | 0.7000 | * | congestion | S4 | 0.6850 | ** | 50% ret of Nov-May rally |
Asterisk denotes strength of level
14:35 BST - The anticipated test of congestion resistance at 0.7000 has been pushed back from 0.7015~ in USD- driven trade, with prices currently trading around 0.6975. Intraday studies are under pressure, highlighting room for a drift down to support at 0.6950. But positive daily readings should limit any immediate tests in fresh consolidation, before bearish weekly charts prompt a break. A close beneath here will add weight to sentiment and open up a test of congestion support at 0.6900.
Meanwhile, a close above 0.7000, if seen, will help to improve price action and extend October gains towards congestion resistance at 0.7050.