Chart NZD/USD Update: Still room to extend rejection from .5800 resistance
Consolidating above support at the .5710/00 area but pressure remains on the downside and see scope to extend rejection from the .5800 high
| Levels | Imp | Comment | Levels | Imp | Comment | |||
|---|---|---|---|---|---|---|---|---|
| R4 | .5900 | * | congestion | S1 | .5710/00 | * | 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
00:30 GMT - Consolidating above support at the .5710/00 area but pressure remains on the downside and see scope to extend rejection from the .5800 high. Below the .5700 level will expose the .5683 low to retest but this is expected to underpin and give way to renewed buying interest. Break here, if seen, will see room to the .5635, 76.4% Fibonacci level. Meanwhile, resistance is lowered to .5755 and regaining this needed to set up scope for retest of the .5800 level. Clearance, will open up room for stronger gains to retrace losses from .6000 September high and channel resistance.