Chart NZD/USD Update: Pressuring .5700/10
No follow-through on break above the .5700 level as prices consolidate strong gains from the .5565 current year low of 14 October
| Levels | Imp | Comment | Levels | Imp | Comment | |||
|---|---|---|---|---|---|---|---|---|
| R4 | .5850 | ** | congestion | S1 | .5680 | * | congestion | |
| R3 | .5800 | ** | congestion | S2 | .5650 | * | congestion | |
| R2 | .5750 | * | congestion | S3 | .5625 | ** | Jun low | |
| R1 | .5700/10 | * | congestion, 22 Oct high | S4 | .5565 | ** | 14 Oct YTD low |
Asterisk denotes strength of level
00:35 GMT - No follow-through on break above the .5700 level as prices consolidate strong gains from the .5565 current year low of 14 October. Daily studies are overbought and caution corrective pullback with support starting at .5680, April low. Below here will open up room towards strong support at the .5650/.5625 congestion and June low which is expected to underpin and give way to renewed buying interest later. Meanwhile, resistance remains at the .5700/10 area. Clearance here will further retrace losses from the August/October losses and see room to .5750 congestion. Higher still, will turn focus to strong resistance at the .5800/.5850 congestion area.