Chart AUD/USD Update: Leaning lower
The test of congestion resistance at 0.7200 has given way to a pullback
| Levels | Imp | Comment | Levels | Imp | Comment | |||
|---|---|---|---|---|---|---|---|---|
| R4 | 0.7300 | ** | congestion | S1 | 0.7150 | * | congestion | |
| R3 | 0.7277 | ** | 6 May YTD high | S2 | 0.7100 | ** | congestion | |
| R2 | 0.7250 | * | congestion | S3 | 0.7050 | * | congestion | |
| R1 | 0.7200 | ** | congestion | S4 | 0.7000 | * | congestion |
Asterisk denotes strength of level
14:30 BST - The test of congestion resistance at 0.7200 has given way to a pullback, as intraday studies turn down, with prices reaching congestion support at 0.7150, where fresh consolidation is developing. Daily stochastics are falling and the daily Tension Indicator is turning down, highlighting a deterioration in sentiment and room for further losses in the coming sessions. A close beneath here will open up further congestion around 0.7100. But rising weekly charts could limit any initial tests in renewed buying interest/consolidation.
Meanwhile, a close above 0.7200, if seen, will improve price action and extend late-June gains towards further congestion around 0.7250.