Chart AUD/USD Update: Cautious trade
Cautious trade around 0.7145 has given way to a minor bounce to 0.7180~
| Levels | Imp | Comment | Levels | Imp | Comment | |||
|---|---|---|---|---|---|---|---|---|
| R4 | 0.7400 | ** | historic congestion | S1 | 0.7100 | congestion | ||
| R3 | 0.7280~ | ** | June 2022 high | S2 | 0.7050 | * | congestion | |
| R2 | 0.7220~ | * | 17 Apr YTD high | S3 | 0.7000 | * | congestion | |
| R1 | 0.7200 | ** | 61.8% ret of 2021-2025 fall | S4 | 0.6960 | * | 1 Apr (w) high |
Asterisk denotes strength of level
08:55 BST - Cautious trade around 0.7145 has given way to a minor bounce to 0.7180~, where negative intraday studies are prompting a fresh pullback towards 0.7150. Overbought daily stochastics are turning down and the positive daily Tension Indicator is flattening, suggesting room for a move lower towards congestion support at 0.7100. But mixed/positive weekly readings should limit any deeper losses in renewed buying interest above further congestion around 0.7050. Meanwhile, strong resistance remains at the 0.7200 Fibonacci retracement and extends to the 0.7220~ current year high of 17 April. A close above here is needed to turn sentiment positive once again and extend April 2025 gains towards the 0.7280~ high of June 2022.