Chart AUD/USD Update: Higher in range
The break above 0.6700 has met selling interest just beneath congestion resistance at 0.6750
| Levels | Imp | Comment | Levels | Imp | Comment | |||
|---|---|---|---|---|---|---|---|---|
| R4 | 0.6900 | * | break level | S1 | 0.6700 | * | congestion | |
| R3 | 0.6800 | ** | break level | S2 | 0.6650 | congestion | ||
| R2 | 0.6765~ | * | 7 Jan YTD high | S3 | 0.6600 | ** | congestion | |
| R1 | 0.6750 | * | congestion | S4 | 0.6550 | * | congestion |
Asterisk denotes strength of level
09:25 GMT - The break above 0.6700 has met selling interest just beneath congestion resistance at 0.6750, as overbought intraday studies unwind, with prices currently balanced around 0.6725. Oversold daily stochastics are unwinding and the flat daily Tension Indicator is rising, highlighting room for a break above 0.6750 and a test of the 0.6765~ current year high of 7 January. Broader weekly charts have also ticked up. But a close above 0.6750/65~ is needed to turn sentiment positive and extend April 2025 gains, initially towards 0.6800. Meanwhile, a close back below congestion support at 0.6700 will help to stabilise price action and prompt consolidation above further congestion around 0.6750.