Chart AUD/USD Update: Cautious trade - studies rising
Little change, as mixed intraday studies keep near-term sentiment cautious and extend consolidation above congestion support at 0.7050
| Levels | Imp | Comment | Levels | Imp | Comment | |||
|---|---|---|---|---|---|---|---|---|
| R4 | 0.7300 | ** | congestion | S1 | 0.7050 | * | congestion | |
| R3 | 0.7277 | ** | 6 May YTD high | S2 | 0.7000 | * | congestion | |
| R2 | 0.7200 | ** | congestion | S3 | 0.6950 | congestion | ||
| R1 | 0.7100 | ** | congestion | S4 | 0.6900 | * | congestion |
Asterisk denotes strength of level
14:30 BST - Little change, as mixed intraday studies keep near-term sentiment cautious and extend consolidation above congestion support at 0.7050. Daily readings are rising and broader weekly charts are positive, highlighting room for further strength in the coming sessions. A break above the 0.7075~ weekly high of 7 August will extend late-June gains towards 0.7100. However, already overbought daily stochastics could limit any immediate tests beyond here in consolidation beneath 0.7150. Meanwhile, a close back below 0.7050 will turn sentiment neutral and give way to consolidation above further congestion around 0.7000.