Published: 2025-05-13T00:37:00.000Z
Chart NZD/USD Update: Consolidating test of .5850 support
Technical Analyst
-
Losses through the .5900 congestion has seen extension to reach strong support at the .5850 level
| Levels | Imp | Comment | Levels | Imp | Comment | |||
|---|---|---|---|---|---|---|---|---|
| R4 | .6028 | ** | 22 Apr YTD high | S1 | .5850 | ** | Apr/Aug 2024 lows | |
| R3 | .6000 | * | congestion | S2 | .5830/20 | * | Mar high, 38.2% | |
| R2 | .5935 | * | 23 Apr low, congestion | S3 | .5800 | * | congestion | |
| R1 | .5900 | * | congestion | S4 | .5760 | * | 50% Apr rally |
Asterisk denotes strength of level
00:30 GMT - Losses through the .5900 congestion has seen extension to reach strong support at the .5850 level. Both intraday and daily studies are into oversold areas and suggest consolidation here likely before giving way to renewed selling pressure later. Lower will see room to support at March high and 38.2% Fibonacci level at the .5830/20 area. Below this will open up further extension to the .5800 level. Meanwhile, resistance is lowered to the .5900/35 congestion area which should cap and sustain losses from the .6022/28 highs.