Chart NZD/USD Update: Extend consolidation around .5750
Little change, as prices extend consolidation around .5750 following bounce from the .5711 low
| Levels | Imp | Comment | Levels | Imp | Comment | |||
|---|---|---|---|---|---|---|---|---|
| R4 | .5910 | * | 61.8% Jul/Nov fall | S1 | .5735 | * | 19 Dec low | |
| R3 | .5850 | ** | congestion, 50% | S2 | .5715/00 | ** | 50%, congestion | |
| R2 | .5830 | * | 11 Dec high | S3 | .5685 | * | 61.8% Nov/Dec rally | |
| R1 | .5800 | ** | Aug low, congestion | S4 | .5650 | congestion |
Asterisk denotes strength of level
00:25 GMT - Little change, as prices extend consolidation around .5750 following bounce from the .5711 low. However, consolidation see prices leaning to the downside from the .5850 December high and threatens break of the strong support at the .5715/00 area to open up room for deeper pullback to retrace rally from the November low. Lower will see room to support at the .5685/.5650, 61.8% Fibonacci level and congestion area. Meanwhile resistance at the .5780/.5800 area is expected to cap. Would take break here to fade the downside pressure and open up the .5850 high to retest and extend the broader gains from .5578 November low.