Chart AUD/USD Update: Poised for further gains
Cautious trade is giving way to a drift higher, as intraday studies turn higher, with prices currently trading around 0.7190
| 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
14:10 BST - Cautious trade is giving way to a drift higher, as intraday studies turn higher, with prices currently trading around 0.7190. Daily readings have also turned positive and broader weekly charts are rising, highlighting room for a break above congestion resistance at 0.7200. Late-June gains will then focus on further congestion around 0.7250. But already overbought daily stochastics should limit any initial break above here in profit-taking/consolidation beneath strong resistance at the 0.7277 current year high of 6 May.
Meanwhile, a close back below congestion support at 0.7150, if seen, will turn sentiment neutral and prompt fresh consolidation above further congestion around 0.7100.