Chart AUD/USD Update: Consolidating - studies rising
The test of resistance within the 0.6274 high of 20 December and congestion around 0.6300 is giving way to a pullback
| Levels | Imp | Comment | Levels | Imp | Comment | |||
|---|---|---|---|---|---|---|---|---|
| R4 | 0.6400 | * | congestion | S1 | 0.6200 | ** | congestion | |
| R3 | 0.6350 | break level | S2 | 0.6170 | ** | October 2022 (y) low | ||
| R2 | 0.6300 | ** | congestion | S3 | 0.6100 | ** | 76.4% ret of 2020-2021 rally | |
| R1 | 0.6274 | * | 20 Dec high | S4 | 0.6000 | ** | figure |
Asterisk denotes strength of level
14:45 GMT - The test of resistance within the 0.6274 high of 20 December and congestion around 0.6300 is giving way to a pullback, as intraday studies turn down, with prices currently trading around 0.6265. Daily readings continue to improve, however, and oversold weekly stochastics are also ticking higher, highlighting an improvement in sentiment and room for fresh gains in the coming sessions. A close above 0.6300 will improve price action and extend gains initially towards 0.6350. Meanwhile, support remains at congestion around 0.6200 and extends to the 0.6170 year low of October 2022. This area is expected to underpin any immediate setbacks.