Chart NZD/USD Update: Extend consolidation above .5950
Little change, as prices settled back in consolidation after bounce attempt from the .5938 Friday's low was checked at the .6000 level
| Levels | Imp | Comment | Levels | Imp | Comment | |||
|---|---|---|---|---|---|---|---|---|
| R4 | .6093 | ** | 29 Jan YTD high | S1 | .5950 | * | congestion | |
| R3 | .6076 | * | 12 Feb high | S2 | .5928 | ** | 6 Feb low | |
| R2 | .6050 | * | congestion | S3 | .5900 | * | 38.2% Nov/Jan rally | |
| R1 | .6000 | * | figure, congestion | S4 | .5853/50 | ** | Dec high, congestion |
Asterisk denotes strength of level
00:25 GMT - Little change, as prices settled back in consolidation after bounce attempt from the .5938 Friday's low was checked at the .6000 level. Rejection from the latter see prices back to weigh on support at the .5950 congestion. Break here and the .5928 low of 6 February will see room for deeper pullback to retrace the November/January rally to .5900, 38.2% Fibonacci level. Lower still, will see room to strong support at .5853 December high. Meanwhile, resistance at the .6000 level is expected to cap. Above here will fade the downside pressure and extend choppy price action within the .6050/.5950 area.