Chart AUD/USD Update: Smart gains pressuring year highs
Cautious trade above 0.7050 has given way to steady gains
| Levels | Imp | Comment | Levels | Imp | Comment | |||
|---|---|---|---|---|---|---|---|---|
| R4 | 0.7300 | historic congestion | S1 | 0.7100 | break level | |||
| R3 | 0.7280~ | ** | June 2022 high | S2 | 0.7050 | * | congestion | |
| R2 | 0.7200 | ** | 61.8% ret of 2021-2025 fall | S3 | 0.7000 | * | congestion | |
| R1 | 0.7147/55~ | ** | 12 Feb YTD high; Feb 2023 (y) high | S4 | 0.6900 | ** | break level |
Asterisk denotes strength of level
14:55 GMT - Cautious trade above 0.7050 has given way to steady gains, as intraday studies turn higher, with prices currently pressuring critical resistance at the 0.7147/55~ range. Oversold daily stochastics are unwinding and the bearish daily Tension Indicator is also turning up, suggesting room for further strength in the coming sessions. A close above here will improve sentiment and extend April 2025 gains towards strong resistance at the 0.7200 Fibonacci retracement. However, negative weekly charts could limit any initial tests in profit-taking/consolidation. Meanwhile, support is raised to the 0.7100 break level. A close beneath here will stabilise sentiment and prompt consolidation above congestion around 0.7050.