Chart NZD/USD Update: Limited above .5755 resistance
No follow-through on break above the .5755 resistance but prices sustaining an upside bias from the .5683, 14 October 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 - No follow-through on break above the .5755 resistance but prices sustaining an upside bias from the .5683, 14 October 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. Break here will see room for extension to the .5650/.5635 congestion and 76.4% Fibonacci level.