Chart AUD/USD Update: Approaching year low at 0.6443
Cautious trade is giving way to fresh losses, with immediate focus on strong support at the 0.6443 current year low of 13 February
Levels | Imp | Comment | Levels | Imp | Comment | |||
---|---|---|---|---|---|---|---|---|
R4 | 0.6650/55 | ** | congestion; 50% ret | S1 | 0.6443 | ** | 13 Feb YTD low | |
R3 | 0.6600 | * | congestion | S2 | 0.6400/10 | ** | congestion; 76.4% ret of Oct-Dec rally | |
R2 | 0.6560 | * | break level | S3 | 0.6350 | * | congestion | |
R1 | 0.6500 | * | congestion | S4 | 0.6300 | * | congestion | |
Asterisk denotes strength of level
14:50 BST - Cautious trade is giving way to fresh losses, with immediate focus on strong support at the 0.6443 current year low of 13 February. Daily readings are tracking lower, highlighting potential for a break. However, daily stochastics are already approaching oversold areas and oversold weekly stochastics are flattening, suggesting potential for short-covering/consolidation towards strong support at congestion around 0.6400 and the 0.6410 Fibonacci retracement. Meanwhile, resistance is lowered to congestion around 0.6500. A close above here, if seen, will turn sentiment neutral and prompt consolidation beneath 0.6560.