Chart AUD/USD Update: Smart bounce from fresh 2024 low
The break below support at 0.6400/10 has bounced smartly from a fresh 2024 year low at 0.6362
Levels | Imp | Comment | Levels | Imp | Comment | |||
---|---|---|---|---|---|---|---|---|
R4 | 0.6600 | * | congestion | S1 | 0.6400/10 | ** | congestion; 76.4% ret of Oct-Dec rally | |
R3 | 0.6560 | * | break level | S2 | 0.6362 | intraday low | ||
R2 | 0.6500 | * | congestion | S3 | 0.6350 | * | congestion | |
R1 | 0.6443 | ** | 13 Feb (m) low | S4 | 0.6300 | * | congestion | |
Asterisk denotes strength of level
14:40 BST - The break below support at 0.6400/10 has bounced smartly from a fresh 2024 year low at 0.6362, with prices once again trading above 0.6400/10. Intraday studies are rising and oversold daily stochastics are also turning up, suggesting potential for a test of resistance at the 0.6443 monthly low of 13 February. However, the bearish daily Tension Indicator and mixed/negative weekly charts are expected to limit any initial tests in consolidation. A close above here, if seen, would turn sentiment cautiously positive and prompt a bounce to congestion around 0.6500. Meanwhile, a close below 0.6400/10 would add weight to sentiment and extend late-December losses back to 0.6350. Beneath here is further congestion around 0.6300.