Published: 2024-11-07T00:19:23.000Z
Chart AUD/USD Update: Consolidating, room for lower later
Technical Analyst
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Turned up from the .6512 low to consolidate losses from the .6645 high
| Levels | Imp | Comment | Levels | Imp | Comment | |||
|---|---|---|---|---|---|---|---|---|
| R4 | 0.6800 | * | congestion | S1 | 0.6550 | * | congestion | |
| R3 | 0.6700/15 | * | congestion, May high | S2 | 0.6537 | * | Oct low | |
| R2 | 0.6645/50 | ** | 6 Nov high, congestion | S3 | 0.6512/00 | * | 6 Nov low, congestion | |
| R1 | 0.6600 | * | congestion | S4 | 0.6488 | * | 76.4% Jul/Sep rally |
Asterisk denotes strength of level
00:10 GMT - Turned up from the .6512 low to consolidate losses from the .6645 high but the mid-week outside range suggest room to further pressure the downside. Nearby see support at the .6550/37 area then the .6512 low. Break here will further extend the broader losses from the September high and see room for extension to the .6488, 76.4% Fibonacci retracement. Lower will see scope to .6450 congestion. Meanwhile, resistance at .6600 level expected to cap and sustain losses from the .6645/.6650 high and congestion.