Chart AUD/USD Update: Consolidating, still room for lower
Consolidating test of support at the .6260/50 congestion area but pressure remains on the downside
| Levels | Imp | Comment | Levels | Imp | Comment | |||
|---|---|---|---|---|---|---|---|---|
| R4 | 0.6515 | * | 50% Sep/Feb fall | S1 | 0.6260/50 | ** | 11 Mar low, congestion | |
| R3 | 0.6440 | * | 14 Nov low | S2 | 0.6230 | * | lower channel | |
| R2 | 0.6400/15 | ** | congestion, 38.2% | S3 | 0.6200 | * | congestion | |
| R1 | 0.6330 | * | Jan high | S4 | 0.6185 | ** | 4 Mar low |
Asterisk denotes strength of level
00:10 GMT - Consolidating test of support at the .6260/50 congestion area but pressure remains on the downside and further losses not ruled out. However, nearby see channel support from the low of February coming into play at .6230 then the .6200/.6185 congestion area. Corrective pullback expected to give way to renewed buying interest later. Resistance remains at .6330 resistance and regaining this will ease the downside pressure and open up room for retest of the .6390 high and the .6400/15 congestion and 50% Fibonacci level. Clearance here will extend gains from the .6087 February YTD low and see scope to .6500/15, congestion and 50% Fibonacci level.