Chart AUD/USD Update: Range trade - daily studies leaning lower
The anticipated test of congestion support at 0.7100 has given way to a bounce
| Levels | Imp | Comment | Levels | Imp | Comment | |||
|---|---|---|---|---|---|---|---|---|
| R4 | 0.7400 | ** | historic congestion | S1 | 0.7100 | congestion | ||
| R3 | 0.7280~ | ** | June 2022 high | S2 | 0.7050 | * | congestion | |
| R2 | 0.7220~ | * | 17 Apr YTD high | S3 | 0.7000 | * | congestion | |
| R1 | 0.7200 | ** | 61.8% ret of 2021-2025 fall | S4 | 0.6960 | * | 1 Apr (w) high |
Asterisk denotes strength of level
14:25 BST - The anticipated test of congestion support at 0.7100 has given way to a bounce, as oversold intraday studies unwind, with prices currently trading around 0.7160. Focus is turning back to resistance within 0.7200 - 0.7220. But negative daily readings should limit any initial tests in renewed selling interest. In the coming sessions, a fresh test lower is possible. But rising weekly readings should limit any break in renewed buying interest above further congestion around 0.7050. Meanwhile, a close above the 0.7220~ current year high of 17 April, if seen, would turn sentiment positive once again and extend April 2025 gains towards the 0.7280~ high of June 2022.