Chart AUD/USD Update: At range highs - studies improving
The anticipated break below support at 0.6360 has not been seen
| Levels | Imp | Comment | Levels | Imp | Comment | |||
|---|---|---|---|---|---|---|---|---|
| R4 | 0.6550 | ** | 61.8% ret of Sep-Apr fall | S1 | 0.6360 | break level | ||
| R3 | 0.6500 | * | congestion | S2 | 0.6300 | ** | congestion | |
| R2 | 0.6425 | ** | 50% ret of Sep-Apr fall | S3 | 0.6200 | ** | congestion | |
| R1 | 0.6400 | ** | break level | S4 | 0.6000 | ** | historic congestion |
Asterisk denotes strength of level
09:00 BST - The anticipated break below support at 0.6360 has not been seen, as intraday studies turn higher, with prices once again pressuring resistance at 0.6400/25. Daily readings have turned mixed/positive and broader weekly charts continue to rise, highlighting potential for further strength in the coming sessions. A close above the 0.6425 Fibonacci retracement will turn sentiment positive and confirm a significant low in place at the 0.5913 current year low of 9 April, as focus turn turns to congestion around 0.6500. Meanwhile, a close below 0.6360, if seen, will add weight to sentiment and prompt a pullback towards congestion around 0.6300.