Chart AUD/USD Update: Scope to retest .6270/.6300 resistance
Break of the wedge pattern saw strong bounce through the .6270 resistance to tag the .6300 level
| Levels | Imp | Comment | Levels | Imp | Comment | |||
|---|---|---|---|---|---|---|---|---|
| R4 | 0.6400 | * | congestion | S1 | 0.6200 | * | congestion | |
| R3 | 0.6348 | ** | Aug low | S2 | 0.6179 | ** | 31 Dec 2024 year low | |
| R2 | 0.6300 | * | congestion | S3 | 0.6170 | ** | Oct 2022 year low | |
| R1 | 0.6270 | * | Oct 2023 year low | S4 | 0.6100 | * | 76.4% 2020/2021 rally |
Asterisk denotes strength of level
00:15 GMT - Break of the wedge pattern saw strong bounce through the .6270 resistance to tag the .6300 level. However, gains not sustained as prices settled back in consolidation as intraday studies unwind overbought readings. Daily studies have turned up from oversold areas and suggest scope for further test of the .6270/.6300 area and where break will open up stronger gains to retrace losses from the September high. Break will see room to resistance at the .6348 low of August then the .6400 level. Meanwhile, support at the .6200/.6170, congestion and 2022 year low, now underpin. Only failure here will opens up further slide to the .6100, 76.4% Fibonacci level.