Published: 2025-02-17T14:28:10.000Z
Chart AUD/USD Update: Resistance at 0.6385/00
Senior Technical Strategist
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Cautious trade has given way to a break higher
| Levels | Imp | Comment | Levels | Imp | Comment | |||
|---|---|---|---|---|---|---|---|---|
| R4 | 0.6500 | ** | break level | S1 | 0.6330 | * | 24 Jan YTD high | |
| R3 | 0.6455 | ** | 61.8% ret of Sep-Feb fall | S2 | 0.6300 | ** | congestion | |
| R2 | 0.6400 | ** | break level | S3 | 0.6250 | * | break level | |
| R1 | 0.6385 | ** | 50% ret of Sep-Feb fall | S4 | 0.6200 | ** | congestion |
Asterisk denotes strength of level
14:20 GMT - Cautious trade has given way to a break higher, with prices currently focused on resistance at the 0.6385 Fibonacci retracement and 0.6400 break level. Initial tests could give way to consolidation, whilst overbought intraday studies flatten, before rising daily readings and bullish weekly charts prompt a break. A close above this area will further improve sentiment and extend February gains towards the 0.6455 retracement. Meanwhile, a close below support within the 0.6300/30 area, if seen, will turn sentiment neural and give way to renewed consolidation above 0.6250.