Chart AUD/USD Update: Consolidating gains - studies improving
The break above 0.6400 is giving way to extended consolidation beneath congestion resistance at 0.6500
| Levels | Imp | Comment | Levels | Imp | Comment | |||
|---|---|---|---|---|---|---|---|---|
| R4 | 0.6688 | ** | 7 Nov (m) high | S1 | 0.6400 | * | break level | |
| R3 | 0.6600 | * | congestion | S2 | 0.6360 | break level | ||
| R2 | 0.6550 | ** | 61.8% ret of Sep-Apr fall | S3 | 0.6300 | ** | congestion | |
| R1 | 0.6500 | * | congestion | S4 | 0.6200 | ** | congestion |
Asterisk denotes strength of level
14:25 BST - The break above 0.6400 is giving way to extended consolidation beneath congestion resistance at 0.6500, as intraday studies turn down. Daily readings, however, are rising, highlighting an improvement in sentiment and room for further strength in the coming sessions. A close above 0.6500 will turn price action positive and extend April gains towards the 0.6550 Fibonacci retracement. Positive weekly charts point to room for still further strength beyond here. Meanwihle, support is at 0.6400. An unexpected close beneath here will turn sentiment neutral once again and give way to consolidation above 0.6360.