Chart AUD/USD Update: Range trade
Still little change, as prices extend cautious trade around 0.7020
| Levels | Imp | Comment | Levels | Imp | Comment | |||
|---|---|---|---|---|---|---|---|---|
| R4 | 0.7200 | ** | congestion | S1 | 0.7000 | * | congestion | |
| R3 | 0.7140 | ** | 21 Sep (w) high | S2 | 0.6950 | * | break level | |
| R2 | 0.7100 | ** | congestion | S3 | 0.6900 | ** | congestion | |
| R1 | 0.7050 | * | congestion | S4 | 0.6865 | ** | 30 Jun (m) low |
Asterisk denotes strength of level
14:05 GMT - Still little change, as prices extend cautious trade around 0.7020. Intraday studies are turning down and overbought daily stochastics are unwinding, suggesting room for a drift lower towards congestion support at 0.7000. But the rising daily Tension Indicator and rising oversold weekly stochastics could limit any initial tests in fresh consolidation. A close beneath here, not yet seen, will add weight to sentiment and open up support at 0.6950.
Meanwhile, resistance remains at congestion around 0.7050, and should cap any immediate tests higher. A close above here, however, would improve price action and extend (corrective) gains towards 0.7100, where renewed selling interest/consolidation is expected to appear.