Chart NZD/USD Update: Higher in consolidation
Saw bounce from Tuesday low at .5683 low to regain the .5700 level as prices consolidate losses from the .5845, high of 6 October
| Levels | Imp | Comment | Levels | Imp | Comment | |||
|---|---|---|---|---|---|---|---|---|
| R4 | .5900 | * | congestion | S1 | .5700 | * | congestion | |
| R3 | .5845/50 | ** | 6 Oct high, congestion | S2 | .5650 | * | congestion | |
| R2 | .5800 | * | Aug low | S3 | .5635 | * | 76.4% Apr/Jul rally | |
| R1 | .5755 | * | Sep low | S4 | .5600 | * | congestion |
Asterisk denotes strength of level
00:30 GMT - Saw bounce from Tuesday low at .5683 low to regain the .5700 level as prices consolidate losses from the .5845, high of 6 October. Intraday and daily studies have turned up to unwind oversold readings and see room to resistance at the .5755, September low. Break here, if seen, will open up room for stronger bounce to retest the August low at .5800 which is expected to cap. Correction is expected to give way to renewed selling pressure later. Below the .5700 level and .5683 low will see room for extension to support at the .5650/.5635 congestion and 76.4% Fibonacci level.