Chart NZD/USD Update: Consolidating test of .5512/.5470 support
Pressure remains on the downside but the 2022 and 2020 year lows at .5512 and .5470 keeping losses in check
| Levels | Imp | Comment | Levels | Imp | Comment | |||
|---|---|---|---|---|---|---|---|---|
| R4 | .5750 | * | congestion | S1 | .5505 | ** | 7 Apr YTD low | |
| R3 | .5700 | * | congestion | S2 | .5470 | ** | Mar 2020 year low | |
| R2 | .5648/50 | * | 31 Mar low, congestion | S3 | .5400 | * | 19 Mar 2009 low | |
| R1 | .5600 | * | congestion | S4 | .5345 | * | 16 Mar 2009 high |
Asterisk denotes strength of level
00:45 GMT - Pressure remains on the downside but the 2022 and 2020 year lows at .5512 and .5470 keeping losses in check. Consolidation at the .5505 low see prices unwinding oversold intraday studies following the steep drop from .5850 resistance last week. Resistance is at the .5600/50 congestion area and this is expected to cap and sustain losses from the .5850 high. The negative daily and weekly studies suggest consolidation giving way to renewed selling pressure later to retest the .5505 then the .5470, 2020 year low. Break here will further extend the underlying bear trend from the 2011 year high.