Chart AUD/USD Update: Limited tests higher - choppy trade to remain under pressure
Cautious trade has given way to a test above congestion resistance at 0.6400
| Levels | Imp | Comment | Levels | Imp | Comment | |||
|---|---|---|---|---|---|---|---|---|
| R4 | 0.6550 | break level | S1 | 0.6348 | ** | 5 Aug (m) low | ||
| R3 | 0.6500 | * | congestion | S2 | 0.6336 | current 2024 year low | ||
| R2 | 0.6450 | break level | S3 | 0.6300 | ** | congestion | ||
| R1 | 0.6400 | * | congestion | S4 | 0.6270 | ** | 26 Oct 2023 (y) low |
Asterisk denotes strength of level
14:55 GMT - Cautious trade has given way to a test above congestion resistance at 0.6400, before meeting renewed selling interest around 0.6430 and falling back below 0.6400. The falling daily Tension Indicator is flattening, suggesting potential for further consolidation. But daily stochastics are under pressure and broader weekly charts are deteriorating, highlighting room for fresh losses in the coming sessions. A close below the 0.6348 monthly low of 5 August will add weight to sentiment and extend September losses initially to congestion around 0.6300. Meanwhile, a close above congestion resistance at 0.6400, if seen, will turn sentiment neutral and give way to consolidation beneath 0.6450.