Chart NZD/USD Update: Room for deeper corrective pullback
Consolidation around the .5950 congestion gave way to deeper pullback from the .5988 high as prices unwind overbought daily studies
| Levels | Imp | Comment | Levels | Imp | Comment | |||
|---|---|---|---|---|---|---|---|---|
| R4 | .6000/13 | * | congestion, 26 Feb high | S1 | .5900 | * | congestion | |
| R3 | .5995 | ** | May high | S2 | .5850 | * | congestion, 38.2% | |
| R2 | .5988 | ** | 21 Aug high | S3 | .5815 | ** | May low | |
| R1 | .5950 | * | congestion | S4 | .5805/00 | * | 50%, congestion |
Asterisk denotes strength of level
00:45 GMT - Consolidation around the .5950 congestion gave way to deeper pullback from the .5988 high as prices unwind overbought daily studies. Weekly studies are stretched as well and suggest scope for deeper pullback. Break of the .5900 level will see room further retrace strong gains from the .5625 June current year low to support at the .5850 congestion and 38.2% Fibonacci level. Corrective pullback is expected to give way to renewed buying interest later to extend the bullish gains from the June low. Above the .5988 high will open up room to .5995 May high then the .6000 figure.