Chart AUD/USD Update: Consolidating - room for a minor test higher
Little change, as mixed intraday studies keep near-term sentiment cautious and extend consolidation around congestion support at 0.7150
| Levels | Imp | Comment | Levels | Imp | Comment | |||
|---|---|---|---|---|---|---|---|---|
| R4 | 0.7300 | ** | congestion | S1 | 0.7150 | * | congestion | |
| R3 | 0.7277 | ** | 6 May YTD high | S2 | 0.7100 | ** | congestion | |
| R2 | 0.7250 | * | congestion | S3 | 0.7050 | * | congestion | |
| R1 | 0.7200 | ** | congestion | S4 | 0.7000 | * | congestion |
Asterisk denotes strength of level
14:10 BST - Little change, as mixed intraday studies keep near-term sentiment cautious and extend consolidation around congestion support at 0.7150. The daily Tension Indicator and broader weekly charts continue to rise, highlighting room for a fresh push higher towards further congestion around 0.7200. However, overbought daily stochastics could limit any immediate break in profit-taking/consolidation beneath strong resistance at congestion around 0.7250 and the 0.7277 current year high of 6 May.
Meanwhile, a close back below congestion support at 0.7150 will turn sentiment neutral and prompt fresh consolidation above further congestion around 0.7100.