Chart AUD/USD Update: Under pressure, .6900 support within reach
Limited probes above the .7000 level and subsequent rejection from .7025 high has seen sharp losses through the .6950 support
| Levels | Imp | Comment | Levels | Imp | Comment | |||
|---|---|---|---|---|---|---|---|---|
| R4 | 0.7080 | ** | May low, congestion | S1 | 0.6900 | ** | congestion, channel | |
| R3 | 0.7050/68 | ** | congestion, Oct high | S2 | 0.6865 | ** | Jun low | |
| R2 | 0.7000 | * | congestion | S3 | 0.6833 | ** | Mar low | |
| R1 | 0.6950 | * | congestion | S4 | 0.6800 | * | figure |
Asterisk denotes strength of level
00:20 GMT - Limited probes above the .7000 level and subsequent rejection from .7025 high has seen sharp losses through the .6950 support to extend losses from the .7068 October high. Prices has since settled into consolidation at the .6925 low but risk is seen for break later to retest the .6900 level and channel support. This is also neckline of a 10-month top pattern and break here will expose the .6865 and .6833 June and March lows to retest and see deeper retracement of the 2025/2026 rally. Meanwhile, resistance at the .6950/.7000 congestion area now expected to cap. Only above these will ease the downside pressure.