Chart AUD/USD Update: Cautious trade - studies under pressure
Little change, as prices extend cautious trade within the 0.7100 - 0.7150 range
| Levels | Imp | Comment | Levels | Imp | Comment | |||
|---|---|---|---|---|---|---|---|---|
| R4 | 0.7277 | ** | 6 May YTD high | S1 | 0.7100 | ** | congestion | |
| R3 | 0.7250 | * | congestion | S2 | 0.7050 | * | congestion | |
| R2 | 0.7200 | ** | congestion | S3 | 0.7000 | * | congestion | |
| R1 | 0.7150 | * | congestion | S4 | 0.6950 | * | break level |
Asterisk denotes strength of level
14:35 BST - Little change, as prices extend cautious trade within the 0.7100 - 0.7150 range. Intraday studies are mixed/positive, suggesting room for a minor test higher. But negative daily readings and deteriorating weekly charts should limit scope in renewed selling interest beneath congestion resistance at 0.7150. A close above here, if seen, will help to stabilise price action and prompt consolidation beneath further congestion around 0.7200.
In the coming sessions, cautious trade is expected to give way to fresh losses. A later break below congestion support at 0.7100 will add weight to already bearish price action and extend September losses towards further congestion around 0.7050.