Chart NZD/USD Update: Consolidating oversold daily studies
Little change, as prices extend choppy trade within the .5750/.5700 range area
| 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 choppy trade within the .5750/.5700 range area. Intraday and daily studies are oversold and suggest scope for bounce to consolidate sharp losses from the August high. Resistance starts at the .5750 congestion and this extend to the .5765 range high of 16 September. Regaining these will 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. Meanwhile, support remains at the .5700 congestion should underpin. Break will open up .5680 and .5625, April/June lows to retest.