Chart AUD/USD Update: Consolidating - limited tests higher
Little change, as mixed intraday studies keep near-term sentiment cautious
| Levels | Imp | Comment | Levels | Imp | Comment | |||
|---|---|---|---|---|---|---|---|---|
| R4 | 0.6400 | * | congestion | S1 | 0.6200 | ** | congestion | |
| R3 | 0.6350 | break level | S2 | 0.6170 | ** | October 2022 (y) low | ||
| R2 | 0.6300 | ** | congestion | S3 | 0.6100 | ** | 76.4% ret of 2020-2021 rally | |
| R1 | 0.6274 | * | 20 Dec high | S4 | 0.6000 | ** | figure |
Asterisk denotes strength of level
14:50 GMT - Little change, as mixed intraday studies keep near-term sentiment cautious and extend consolidation above 0.6200. Oversold daily stochastics are also turning higher, unwinding positive divergence, and the daily Tension Indicator is attempting to improve, suggesting potential for a test higher in the coming sessions. Resistance remains at the 0.6274 high of 20 December, but mixed weekly charts should prompt fresh selling interest towards here. Meanwhile, support is down to the 0.6170 year low of October 2022. A close beneath here will turn sentiment negative and extend January 2023 losses towards the 0.6100 Fibonacci retracement.