Chart AUD/USD Update: Daily studies turning down
Consolidation within resistance at 0.6400/25 has given way to a minor pullback to support at 0.6360
| Levels | Imp | Comment | Levels | Imp | Comment | |||
|---|---|---|---|---|---|---|---|---|
| R4 | 0.6550 | ** | 61.8% ret of Sep-Apr fall | S1 | 0.6360 | break level | ||
| R3 | 0.6500 | * | congestion | S2 | 0.6300 | ** | congestion | |
| R2 | 0.6425 | ** | 50% ret of Sep-Apr fall | S3 | 0.6200 | ** | congestion | |
| R1 | 0.6400 | ** | break level | S4 | 0.6000 | ** | historic congestion |
Asterisk denotes strength of level
09:05 BST - Consolidation within resistance at 0.6400/25 has given way to a minor pullback to support at 0.6360, where oversold intraday studies are prompting fresh consolidation. Daily stochastics are tracking lower in overbought areas and the positive daily Tension Indicator is flattening, suggesting potential for a break beneath here. Focus will then turn to congestion around 0.6300. But rising weekly charts are expected to limit any tests in renewed buying interest/consolidation. Meanwhile, a close above the 0.6425 Fibonacci retracement, not yet seen, will turn sentiment positive and confirm a significant low in place at the 0.5913 current year low of 9 April, as focus turn turns to 0.6500.