Chart NZD/USD Update: Consolidating, but downside vulnerable
Little change, as prices extend consolidation above the .5700 support with the resulting descending triangle keeping pressure on the downside
| Levels | Imp | Comment | Levels | Imp | Comment | |||
|---|---|---|---|---|---|---|---|---|
| R4 | .5900 | ** | congestion, 4 Sep high | S1 | .5700 | * | congestion | |
| R3 | .5850 | * | congestion, 200-day MA | S2 | .5680 | ** | Apr low | |
| R2 | .5800 | ** | congestion | S3 | .5650 | * | congestion | |
| R1 | .5750 | * | congestion | S4 | .5625 | ** | 26 Jun YTD low |
Asterisk denotes strength of level
00:30 GMT - Little change, as prices extend consolidation above the .5700 support with the resulting descending triangle keeping pressure on the downside. Lower will see room to the .5680 support then the .5625 June current year low. Would expect reaction at the latter as daily studies extend into oversold areas. Meanwhile, resistance is at the the .5750 congestion and this extend to the .5765 range high of 16 September. Would take break here to ease the downside pressure and open up room to strong resistance at .5800 level. Only above the latter will revive upside focus and see stronger gains to retrace losses from .5988, August high.