Chart AUD/USD Update: Choppy trade
The anticipated test above congestion resistance at 0.6500 has not been sustained
| Levels | Imp | Comment | Levels | Imp | Comment | |||
|---|---|---|---|---|---|---|---|---|
| R4 | 0.6630 | * | recent highs | S1 | 0.6440 | * | 14 Oct (w) low | |
| R3 | 0.6600 | ** | congestion | S2 | 0.6400 | ** | congestion | |
| R2 | 0.6550 | * | congestion | S3 | 0.6350 | * | congestion | |
| R1 | 0.6500 | * | congestion | S4 | 0.6310 | ** | 50% ret of Apr-Sep rally |
Asterisk denotes strength of level
14:35 BST - The anticipated test above congestion resistance at 0.6500 has not been sustained, with prices currently balanced in cautious trade beneath here. Intraday studies are turning down, highlighting room for a drift lower towards support at the 0.6440 weekly low of 14 October. But mixed daily readings should limit any initial tests in consolidation, before negative weekly charts prompt further losses. A break will add weight to sentiment and extend mid-September losses initially towards congestion around 0.6400. Meanwhile, any fresh tests above 0.6500 should meet renewed selling interest beneath further congestion around 0.6550.