Chart AUD/USD Update: Cautious trade
Still little change, as prices extend cautious trade around 0.6465
| Levels | Imp | Comment | Levels | Imp | Comment | |||
|---|---|---|---|---|---|---|---|---|
| R4 | 0.6688 | ** | 7 Nov (m) high | S1 | 0.6400 | * | break level | |
| R3 | 0.6625 | 24 Jul YTD high | S2 | 0.6360 | ** | break level | ||
| R2 | 0.6600 | ** | congestion | S3 | 0.6335 | ** | 38.2% ret of Apr-Jul rally | |
| R1 | 0.6500 | * | congestion | S4 | 0.6300 | * | congestion |
Asterisk denotes strength of level
14:40 BST - Still little change, as prices extend cautious trade around 0.6465. Intraday studies have turned down, suggesting room for a drift lower towards support at 0.6400. But rising daily stochastics should limit any initial tests in consolidation, before the negative daily Tension Indicator and bearish weekly charts prompt further losses. A break below 0.6400 will open up 0.6360. A close beneath here is needed to turn sentiment negative and confirm a near-term top in place around 0.6600, as July losses then extend initially towards the 0.6335 Fibonacci retracement. Meanwhile, resistance remains at congestion around 0.6500 and should cap any immediate tests higher.