Published: 2024-12-20T00:22:37.000Z
Chart AUD/USD Update: Consolidating at .6200 low, room to extend losses
Technical Analyst
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Reached fresh low for the year at the .6200 level
| Levels | Imp | Comment | Levels | Imp | Comment | |||
|---|---|---|---|---|---|---|---|---|
| R4 | 0.6400 | * | congestion | S1 | 0.6200 | ** | 19 Dec YTD low | |
| R3 | 0.6348 | ** | Aug low | S2 | 0.6170 | ** | 13 Oct 2022 year low | |
| R2 | 0.6300 | * | congestion | S3 | 0.6100 | * | 76.4% 2020/2021 rally | |
| R1 | 0.6270 | ** | Oct 2023 low | S4 | 0.6000 | * | figure |
Asterisk denotes strength of level
00:10 GMT - Reached fresh low for the year at the .6200 level and shallow bounce there see prices consolidating sharp breakdown through the .6300 level. However, the downside remains vulnerable and further losses not ruled out, with focus turning to the .6170, the 2022 year low. Negative daily and weekly studies are deep into oversold areas and caution corrective bounce with the 2023 year low at .6270 now resistance. Would need lift over this and the .6300 level to ease the downside pressure and see room for stronger corrective bounce.