Chart AUD/USD Update: Fresh year highs
Choppy trade has given way to a break above the 0.6550 Fibonacci retracement
| Levels | Imp | Comment | Levels | Imp | Comment | |||
|---|---|---|---|---|---|---|---|---|
| R4 | 0.6723 | 21 Oct (w) high | S1 | 0.6500 | * | congestion | ||
| R3 | 0.6700 | ** | 76.4% ret of Sep-Apr fall | S2 | 0.6450 | congestion | ||
| R2 | 0.6688 | ** | 7 Nov (m) high | S3 | 0.6400 | * | break level | |
| R1 | 0.6600 | ** | congestion | S4 | 0.6360 | ** | break level |
Asterisk denotes strength of level
14:50 BST - Choppy trade has given way to a break above the 0.6550 Fibonacci retracement, with prices posting a freshyear high just below congestion resistance at 0.6600. Intraday studies are under pressure, highlighting room for consolidation beneath here. But daily readings are positive and broader weekly charts have ticked up, suggesting room for further strength in the coming sessions. A break above 0.6600 will improve sentiment and extend April gains towards strong resistance at the 0.6688 monthly high of 7 November and the 0.6700 retracement. Meanwhile, support remains at congestion around 0.6500 and should underpin any immediate setbacks.