Chart NZD/USD Update: Range-bound in consolidation
Little change, as prices consolidate strong gains from the .5762 low of last week within the .5908/.5860 Monday's range
| Levels | Imp | Comment | Levels | Imp | Comment | |||
|---|---|---|---|---|---|---|---|---|
| R4 | .6000/13 | * | congestion, 26 Feb high | S1 | .5850 | * | congestion | |
| R3 | .5995 | ** | May high | S2 | .5815/00 | * | May low, congestion | |
| R2 | .5950 | * | congestion | S3 | .5770/62 | ** | congestion, 23 Jul low | |
| R1 | .5900 | * | congestion | S4 | .5750 | * | congestion |
Asterisk denotes strength of level
00:30 GMT - Little change, as prices consolidate strong gains from the .5762 low of last week within the .5908/.5860 Monday's range. Daily studies are mixed and suggest consolidation likely to extend above support at the .5850 congestion. Only below here will open up room for corrective pullback to support at the .5815/.5800, May low and congestion area. Consolidation is expected to give way to renewed buying interest later to extend bullish gains from the .5625 June current year low. Above .5900 will see scope to target .5930/50 congestion area with potential for extension to retest the .5995, May high.