Published: 2024-04-30T13:34:11.000Z
Chart AUD/USD Update: Sharp pullback - room for lower
Senior Technical Strategist
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Consolidation beneath 0.6560 has given way to a sharp pullback to congestion support at 0.6500
Levels | Imp | Comment | Levels | Imp | Comment | |||
---|---|---|---|---|---|---|---|---|
R4 | 0.6668 | ** | 8 Mar (m) high | S1 | 0.6500 | * | congestion | |
R3 | 0.6650 | * | congestion | S2 | 0.6400/10 | ** | congestion; 76.4% ret of Oct-Dec rally | |
R2 | 0.6600 | * | congestion | S3 | 0.6362 | intraday low | ||
R1 | 0.6560 | * | break level | S4 | 0.6350 | * | congestion | |
Asterisk denotes strength of level
14:20 BST - Consolidation beneath 0.6560 has given way to a sharp pullback to congestion support at 0.6500. Oversold intraday studies highlight short-term consolidation around here, but rising daily stochastics are flattening, pointing to room for a later break and continuation towards strong support at congestion around 0.6400 and the 0.6410 Fibonacci retracement. The rising daily Tension Indicator and improving weekly charts should prompt fresh consolidation above here. Meanwhile, resistance remains at 0.6560 and is expected to cap any immediate tests higher.