Published: 2025-01-06T14:07:38.000Z
Chart AUD/USD Update: Sharp bounce - studies improving
Senior Technical Strategist
1
Cautious trade has given way to a sharp USD-driven bounce
| 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
14:00 GMT - Cautious trade has given way to a sharp USD-driven bounce, with prices currently pressuring resistance within the 0.6274 high of 20 December and congestion around 0.6300. Overbought intraday studies could promote short-term consolidation around here, before improving daily readings prompt a break. A close above 0.6300 will improve price action and extend gains initially towards 0.6350. Meanwhile, support remains at congestion around 0.6200 and extends to the 0.6170 year low of October 2022. This area is expected to underpin any immediate setbacks.