Chart AUD/USD Update: Gains to remain limited
Anticipated losses have extended below 0.7050 to reach 0.7030~
| Levels | Imp | Comment | Levels | Imp | Comment | |||
|---|---|---|---|---|---|---|---|---|
| R4 | 0.7200 | ** | 61.8% ret of 2021-2025 fall | S1 | 0.7050 | * | congestion | |
| R3 | 0.7147/55~ | ** | 12 Feb YTD high; Feb 2023 (y) high | S2 | 0.7030~ | intraday low | ||
| R2 | 0.7135 | * | 26 Feb (w) high | S3 | 0.7000 | * | congestion | |
| R1 | 0.7100 | break level | S4 | 0.6900 | ** | break level |
Asterisk denotes strength of level
14:10 GMT - Anticipated losses have extended below 0.7050 to reach 0.7030~, where renewed buying interest is prompting a break back above congestion support at 0.7050. Daily readings have turned down and broader weekly charts are also coming under pressure, highlighting room for fresh losses in the coming sessions. A break back below 0.7050 will open up congestion support at 0.7000. A further close beneath here will add weight to sentiment and extend mid-February losses towards 0.6900. Meanwhile, resistance is at 0.7100. An unexpected close above here will help to stabilise price action and prompt consolidation beneath critical resistance at 0.7147~/55.