Chart NZD/USD Update: Consolidating, room for higher later
Consolidating beneath resistance at the .5785, 38.2% Fibonacci level, as prices unwind overbought intraday studies
| Levels | Imp | Comment | Levels | Imp | Comment | |||
|---|---|---|---|---|---|---|---|---|
| R4 | .5900/10 | * | congestion, 61.8% | S1 | .5755/50 | * | Aug low, congestion | |
| R3 | .5850/55 | ** | 50%, 1 Aug low | S2 | .5700/.5682 | ** | congestion, Oct low | |
| R2 | .5800 | ** | 22 Aug low | S3 | .5650 | * | congestion | |
| R1 | .5785 | * | 38.2% Jul/Nov fall | S4 | .5606 | * | 7 Nov low |
Asterisk denotes strength of level
00:30 GMT - Consolidating beneath resistance at the .5785, 38.2% Fibonacci level, as prices unwind overbought intraday studies. Daily studies are stretched as well and suggest minor pullback likely before giving way to renewed buying interest. Higher will further retrace the July/November losses and see extension to strong resistance at the .5800 level. Clearance here will see room for extension to the .5850/.5855 area. Meanwhile, support is raised to the .5755/50 August low and congestion area. Below here will delay bulls and see room for deeper pullback to strong support at the .5700/.5682 area.