Chart NZD/USD Update: Edging lower
Edged to fresh year low at .5625 last Friday with bearish momentum keeping pressure on the downside
| Levels | Imp | Comment | Levels | Imp | Comment | |||
|---|---|---|---|---|---|---|---|---|
| R4 | .5750 | * | congestion | S1 | .5625 | * | 26 Jun YTD low | |
| R3 | .5700 | * | congestion | S2 | .5610/00 | * | channel, congestion | |
| R2 | .5680 | ** | Apr low | S3 | .5578 | ** | Nov low | |
| R1 | .5650 | * | congestion | S4 | .5550 | congestion |
Asterisk denotes strength of level
00:30 GMT - Edged to fresh year low at .5625 last Friday with bearish momentum keeping pressure on the downside and scope seen for further losses ahead. Nearby see room to lower channel from the January high at .5610 ahead of the .5578 November low. Daily studies are stretched and suggest reaction here likely on retest. Below this will turn focus to the .5500 figure and .5485/.5470, 2025/2020 year lows. Meanwhile, resistance is lowered to .5650 congestion and this extend to the .5680/.5700 April low and congestion area. Would need to regain these to ease the downside pressure and sets up room for stronger bounce.