Chart AUD/USD Update: Approaching critical resistance at 0.6668/75
Bullish sentiment is improving, with the break above 0.6600 opening up congestion resistance at 0.6650
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
14:25 BST - Bullish sentiment is improving, with the break above 0.6600 opening up 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 intraday studies are expected to limit any immediate tests in consolidation. Daily readings are improving, however, and broader weekly charts are also turning up, highlighting potential for further gains. A 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.