Chart NZD/USD Update: Higher in consolidation
Little change, as prices extend ranging action above the .5700 level with bounce attempt kept in check at the .5755, September low
| Levels | Imp | Comment | Levels | Imp | Comment | |||
|---|---|---|---|---|---|---|---|---|
| R4 | .5900 | * | congestion | S1 | .5700 | * | congestion | |
| R3 | .5845/50 | ** | 6 Oct high, congestion | S2 | .5683 | * | 14 Oct low | |
| R2 | .5800 | ** | Aug low | S3 | .5635 | * | 76.4% Apr/Jul rally | |
| R1 | .5755 | * | Sep low | S4 | .5600 | * | congestion |
Asterisk denotes strength of level
00:25 GMT - Little change, as prices extend ranging action above the .5700 level with bounce attempt kept in check at the .5755, September low. Break here will open up room for stronger bounce to strong resistance at the .5800 level and August low which is expected to cap. Clearance here, if seen, will fade the downside pressure and open up room for stronger gains to retrace losses from .6000 level and channel resistance from .6120, July high. Meanwhile, support at the .5700 and .5683 low now underpin. Would take break to open up room for extension to the .5650/.5635 support and 76.4% Fibonacci level.