Published: 2024-12-19T00:46:14.000Z
Chart NZD/USD Update: Consolidating above .5600 level
Technical Analyst
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Break of the .5750/40 support has seen steep dive through the .5700 level to approach the .5600 support
| Levels | Imp | Comment | Levels | Imp | Comment | |||
|---|---|---|---|---|---|---|---|---|
| R4 | .5800 | * | congestion | S1 | .5600 | * | 21 Oct 2022 low, congestion | |
| R3 | .5775 | ** | Oct 2023 year low | S2 | .5565 | * | 28 Sep 2022 low | |
| R2 | .5750 | * | congestion | S3 | .5512 | ** | 13 Oct 2022 year low | |
| R1 | .5700 | * | congestion | S4 | .5470 | ** | 19 Mar 2020 year low |
Asterisk denotes strength of level
00:35 GMT - Break of the .5750/40 support has seen steep dive through the .5700 level to approach the .5600 support. Pause here see prices consolidating the steep drop and unwinding oversold intraday studies. Break here, if seen, will turn focus to the .5512 and .5470, the 2022 and 2020 year lows. However, deep oversold daily and weekly studies suggest these keeping out of reach for now and caution corrective bounce. Meanwhile, resistance is lowered to the .5700/.5750 congestion area then the 2023 year low at .5775. The latter now expected to cap and sustain bearish pressure.