Chart NZD/USD Update: Extend consolidation below .5850
No follow-through on probes above resistance at .5850 as prices settled back to consolidate above the .5815 support
| Levels | Imp | Comment | Levels | Imp | Comment | |||
|---|---|---|---|---|---|---|---|---|
| R4 | .5990/95 | ** | May highs | S1 | .5815/00 | * | May low, congestion | |
| R3 | .5930 | ** | Feb low | S2 | .5770 | ** | 11 Jun low | |
| R2 | .5900 | * | congestion | S3 | .5750 | * | congestion | |
| R1 | .5850 | ** | congestion | S4 | .5700 | * | Mar low, congestion |
Asterisk denotes strength of level
00:40 GMT - No follow-through on probes above resistance at .5850 as prices settled back to consolidate above the .5815 support. Mixed daily studies consolidation here and the .5800 level likely to extend before giving way to renewed buying interest. Would take break above .5850 to open up room for retest of the .5900 level then the strong resistance at the .5930/50 February low and congestion area. Meanwhile, support remains at the .5815/00 area which should underpin. Failure here will open up room for retest of .5770 low and threatens extension to .5750 congestion then the .5700/.5680, March and April lows.