Chart AUD/USD Update: Consolidating gains to fresh year high
Saw break to fresh year high at .6669 before settling back in consolidation on Friday
| Levels | Imp | Comment | Levels | Imp | Comment | |||
|---|---|---|---|---|---|---|---|---|
| R4 | 0.6800 | * | congestion | S1 | 0.6625/00 | ** | Jul high, congestion | |
| R3 | 0.6700/10 | ** | 38.2% 221/Apr fall | S2 | 0.6550 | ** | congestion | |
| R2 | 0.6688 | * | Nov high | S3 | 0.6500 | * | congestion | |
| R1 | 0.6669 | ** | 12 Sep YTD high | S4 | 0.6462 | * | 27 Aug low |
Asterisk denotes strength of level
00:15 GMT - Saw break to fresh year high at .6669 before settling back in consolidation on Friday. Consolidation here is expected to give way to fresh buying interest later. Rally to fresh year high see prices closing above trend line from the February 2021 year high and also long-term trend line from July 2011 year high following break of the .6550/.6600 area. Higher will see room to the .6700/10 figure and 38.2% Fibonacci level. Meanwhile, support is raised to the .6600/25 recent highs and extending to the .6550 congestion and broken trendline from the 2011 year high. This are is expected to underpin and sustain gains from the April low.