Published: 2024-04-23T14:06:19.000Z
Chart AUD/USD Update: Turning higher
Senior Technical Strategist
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Consolidation is giving way to a break higher
Levels | Imp | Comment | Levels | Imp | Comment | |||
---|---|---|---|---|---|---|---|---|
R4 | 0.6650 | * | congestion | S1 | 0.6400/10 | ** | congestion; 76.4% ret of Oct-Dec rally | |
R3 | 0.6600 | * | congestion | S2 | 0.6362 | intraday low | ||
R2 | 0.6560 | * | break level | S3 | 0.6350 | * | congestion | |
R1 | 0.6500 | * | congestion | S4 | 0.6300 | * | congestion | |
Asterisk denotes strength of level
14:55 BST - Consolidation is giving way to a break higher, with immediate focus turning to congestion resistance at 0.6500. Daily readings are improving, suggesting potential for a test above here. However, mixed/negative weekly charts suggest risk of selling interest towards resistance at 0.6560. Meanwhile, support remains at 0.6400/10 and should underpin any immediate setbacks.