Chart AUD/USD Update: Balanced beneath critical resistance at 0.6668/75
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Little change, as mixed/negative intraday studies keep near-term sentiment cautious
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Levels | Imp | Comment | Levels | Imp | Comment | |||
---|---|---|---|---|---|---|---|---|
R4 | 0.6700 | * | congestion | S1 | 0.6600 | * | congestion | |
R3 | 0.6675 | ** | 61.8% ret of Dec-Apr fall | S2 | 0.6560 | * | break level | |
R2 | 0.6668 | ** | 8 Mar (m) high | S3 | 0.6500 | * | congestion | |
R1 | 0.6650 | * | congestion | S4 | 0.6450 | congestion | ||
Asterisk denotes strength of level
14:55 BST - Little change, as mixed/negative intraday studies keep near-term sentiment cautious and extend consolidation beneath congestion resistance at 0.6650. Just higher is stronger resistance within the 0.6668 monthly high of 8 March and the 0.6675 Fibonacci retracement, but already overbought daily stochastics are expected to limit any immediate tests in consolidation. The daily Tension Indicator is positive, however, and broader weekly charts are also turning up, highlighting potential for further gains. A later close above 0.6668/75 will confirm continuation of mid-April gains and open up extension towards the 0.6750 retracement. Meanwhile, support is down to 0.6560 and should underpin any immediate setbacks.