Chart NZD/USD Update: Consolidating at .6000, risk for deeper pullback
Choppy trade below .6080 current year high see prices coming under pressure as intraday and daily studies unwind overbought readings
| Levels | Imp | Comment | Levels | Imp | Comment | |||
|---|---|---|---|---|---|---|---|---|
| R4 | .6200 | * | congestion | S1 | .6000 | * | congestion | |
| R3 | .6165 | * | 76.4% Sep/Apr fall | S2 | .5950/23 | * | congestion, 30 May low | |
| R2 | .6100/20 | ** | comngestion, 11 Oct high | S3 | .5900 | * | congestion | |
| R1 | .6080 | ** | 5 Jun YTD high | S4 | .5550/45 | ** | congestion, 12 May low |
Asterisk denotes strength of level
00:30 GMT - Choppy trade below .6080 current year high see prices coming under pressure as intraday and daily studies unwind overbought readings. Would take break of support at the .6000 congestion to open up room for deeper pullback to retrace gains from the .5845 May low. Break will see room to support at the .5950 congestion and possibly to the .5925/.5900 area. Corrective pullback is expected to give way to renewed buying interest later. Meanwhile, resistance is lowered to the .6050 congestion. Regaining this will expose the .6070/80 highs to retest and see extension of the April gains.