Published: 2025-05-08T00:22:03.000Z
Chart AUD/USD Update: Outiside range weighs
Technical Analyst
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Failed to sustain break above the .6500 level and sharp rejection from the .6514 high see the resulting outside range threatening deeper pullback
| Levels | Imp | Comment | Levels | Imp | Comment | |||
|---|---|---|---|---|---|---|---|---|
| R4 | 0.6688 | * | Nov high | S1 | 0.6408/00 | ** | Feb high, congestion | |
| R3 | 0.6600 | * | congestion | S2 | 0.6345 | * | 24 Apr low | |
| R2 | 0.6550 | * | 61.8% Sep/Apr rally | S3 | 0.6300 | * | congestion | |
| R1 | 0.6500/14 | ** | congestion, 7 May YTD high | S4 | 0.6285 | * | 38.2% Apr/May rally |
Asterisk denotes strength of level
00:15 GMT - Failed to sustain break above the .6500 level and sharp rejection from the .6514 high see the resulting outside range threatening deeper pullback to support at .6408/00 congestion. Intraday and daily studies are unwinding overbought readings and suggest scope for break to open up room for deeper correction of the strong gains from the April YTD low to the .6355/.6345 support. Lower still, will see room to the .6300/.6285 congestion and 38.2% Fibonacci level. Would take break above .6500/14 to further extend gains towards .6550, 61.8% Fibonacci level.