Published: 2025-01-06T00:14:18.000Z
Chart AUD/USD Update: Edging higher in consolidation
Technical Analyst
-
Edging higher in range from the .6179 low as prices consolidate above the .6200 level
| Levels | Imp | Comment | Levels | Imp | Comment | |||
|---|---|---|---|---|---|---|---|---|
| R4 | 0.6400 | * | congestion | S1 | 0.6179 | ** | 31 Dec 2024 year low | |
| R3 | 0.6348 | ** | Aug low | S2 | 0.6170 | ** | 13 Oct 2022 year low | |
| R2 | 0.6300 | * | congestion | S3 | 0.6100 | * | 76.4% 2020/2021 rally | |
| R1 | 0.6270 | ** | Oct 2023 year low | S4 | 0.6000 | * | figure |
Asterisk denotes strength of level
00:10 GMT - Edging higher in range from the .6179 low as prices consolidate above the .6200 level. Prices are unwinding the oversold intraday and daily studies with the resulting wedge pattern suggesting scope for stronger bounce. Above the .6232 range high will see room for stronger bounce to strong resistance at .6270, the 2023 year low. Break here, if seen, will open up scope to the .6300/.6348 area. Meanwhile, support is at the .6170, 2022 year low. Break here will further retrace the 2020/2021 rally to target .6100, 76.4% Fibonacci retracement level, then the .6000 figure.