Published: 2024-04-26T14:05:25.000Z
Chart AUD/USD Update: Room for higher
Senior Technical Strategist
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Cautious trade has given way to the anticipated break higher
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
14:55 BST - Cautious trade has given way to the anticipated break higher, with immediate focus turning back to 0.6560. Both intraday and daily readings are positive, highlighting room for further strength in the coming sessions, with a break above here opening up congestion around 0.6600. Mixed weekly charts, however, could limit any initial tests in consolidation. Meanwhile, support remains at congestion around 0.6500 and should underpin any immediate setbacks.