Chart NZD/USD Update: Lower in consolidation
Lower in consolidation as prices settled back from the .5926 Monday's pin bar high to unwind overbought intraday and daily studies
| 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 | .5762/50 | ** | 29 Jul low, congestion | |
| R1 | .5900 | * | congestion | S4 | .5700 | * | congestion |
Asterisk denotes strength of level
00:35 GMT - Lower in consolidation as prices settled back from the .5926 Monday's pin bar high to unwind overbought intraday and daily studies. Pullback see support at .5850 congestion and extending to the .5815 May low which should underpin. Break of these will open up room for deeper pullback to retrace strong gains from the .5625 June current year low. Lower will see room to .5800 level and .5762/50 congestion area. Meanwhile, resistance remains at the .5900 level. Would take break here to expose the .5926 high to retest and see scope for extension towards resistance at .5930/50 congestion and January channel top.