Published: 2024-01-25T14:47:16.000Z
Chart AUD/USD Update: Consolidating - limited scope above 0.6600
Senior Technical Strategist
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Still little change, as prices extend cautious trade around congestion resistance at 0.6600
| Levels | Imp | Comment | Levels | Imp | Comment | |||
|---|---|---|---|---|---|---|---|---|
| R4 | 0.6750 | break level | S1 | 0.6525 | ** | 7 Dec (m) low | ||
| R3 | 0.6700 | * | congestion | S2 | 0.6500 | ** | 61.8% ret of Oct-Dec rally | |
| R2 | 0.6650 | * | congestion | S3 | 0.6450 | * | break level | |
| R1 | 0.6600 | * | congestion | S4 | 0.6415 | ** | 76.4% ret of Oct-Dec rally |
Asterisk denotes strength of level
14:35 GMT - Still little change, as prices extend cautious trade around congestion resistance at 0.6600. Both intraday and daily readings are tracking higher, highlighting room for a fresh break above here and a test of congestion resistance at 0.6650. However, negative weekly charts should limit any initial tests in fresh selling interest/consolidation. Meanwhile, support remains down to the 0.6525 monthly low of 7 December and is expected to underpin any immediate setbacks.