Chart AUD/USD Update: Strong resistance at 0.6600
The anticipated test of resistance at 0.6560 has extended to 0.6585~
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 - The anticipated test of resistance at 0.6560 has extended to 0.6585~, where unwinding overbought intraday studies are prompting a pullback into fresh consolidation beneath 0.6560. Daily readings continue to strengthen, however, and oversold weekly stochastics are unwinding, suggesting an improvement in sentiment and room for further strength in the coming sessions. A break back above 0.6560 will open up congestion around 0.6600. However, already overstretched intraday studies could limit any immediate break above here in consolidation beneath critical resistance at 0.6650/68. Meanwhile, support remains at congestion around 0.6500 and should underpin any immediate setbacks.