Chart AUD/USD Update: Choppy in range - studies under pressure
The anticipated test above congestion resistance at 0.6900 has been pushed back from beneath 0.6950
| Levels | Imp | Comment | Levels | Imp | Comment | |||
|---|---|---|---|---|---|---|---|---|
| R4 | 0.7050 | * | congestion | S1 | 0.6865 | ** | 30 Jun (m) low | |
| R3 | 0.7000 | * | congestion | S2 | 0.6850 | ** | 50% ret of Nov-May rally | |
| R2 | 0.6950 | * | break level | S3 | 0.6833 | ** | 30-31 Mar (m) lows | |
| R1 | 0.6900 | ** | congestion | S4 | 0.6800 | break level |
Asterisk denotes strength of level
14:40 GMT - The anticipated test above congestion resistance at 0.6900 has been pushed back from beneath 0.6950, as overbought intraday studies unwind, with prices currently trading just above support at the 0.6865 monthly low of 30 June. Daily readings are mixed/negative and broader weekly charts are under pressure, highlighting room for further losses in the coming sessions. However, a close below the 0.6850 Fibonacci retracement is needed to turn sentiment negative and confirm continuation of losses from the 0.7277 current year high of 6 May.
Meanwhile, any retests above 0.6900 should meet renewed selling interest beneath 0.6950.