Chart NZD/USD Update: Consolidating at .5635, 76.4% Fibonacci level
Break of the .5700 level and .5683 low of October has seen losses to reach .5635, 76.4% Fibonacci level
| Levels | Imp | Comment | Levels | Imp | Comment | |||
|---|---|---|---|---|---|---|---|---|
| R4 | .5845/50 | ** | 6 Oct high, congestion | S1 | .5635 | * | 76.4% Apr/Jul rally | |
| R3 | .5800 | ** | Aug low | S2 | .5600 | * | congestion | |
| R2 | .5755 | * | Sep low | S3 | .5585 | * | congestion | |
| R1 | .5700 | * | congestion | S4 | .5550 | * | congestion |
Asterisk denotes strength of level
00:35 GMT - Break of the .5700 level and .5683 low of October has seen losses to reach .5635, 76.4% Fibonacci level. Pause here see prices consolidating steep drop from the .5800 high of last week as prices unwind oversold intraday studies. Bearish momentum keeps pressure on the downside and break further losses not ruled out. Lower will see room to target the .5600 level. However, oversold daily and weekly studies caution corrective bounce. Meanwhile, resistance is lowered to .5700 congestion. Regaining this needed to ease the downside pressure and see room for stronger bounce to retest .5755, September low.