Chart AUD/USD Update: Consolidating above .7110/00 support, room for lower later
Turned up from above the .7110/00 support to consolidate pullback from the high of last week
| Levels | Imp | Comment | Levels | Imp | Comment | |||
|---|---|---|---|---|---|---|---|---|
| R4 | 0.7400 | ** | congestion | S1 | 0.7110/00 | ** | 38.2%, congestion | |
| R3 | 0.7300 | * | congestion | S2 | 0.7055 | * | 50% Mar/May rally | |
| R2 | 0.7278/80 | ** | 6 May YTD high, congestion | S3 | 0.7000 | ** | congestion, 61.8% | |
| R1 | 0.7200 | * | congestion | S4 | 0.6962 | * | 1 Apr high |
Asterisk denotes strength of level
00:10 GMT - Turned up from above the .7110/00 support to consolidate pullback from the high of last week as prices unwind oversold intraday studies. However, consolidation is expected to give way to renewed selling pressure later and where break of .7110 Fibonacci level and .7100 level will open up room for deeper pullback to retrace rally from the .6833 March low. Lower will see scope to support at the .7055 and .7000 Fibonacci levels. Meanwhile, resistance remains at the .7200 level which is expected to cap. Regaining this will fade the downside pressure and return focus to the upside for retest of .7278 current year high.