Published: 2025-05-16T00:41:11.000Z
Chart NZD/USD Update: Under pressure, focus on .5850 support
Technical Analyst
-
Break of the .5900 level extending rejection from the 5968, mid-week high
| Levels | Imp | Comment | Levels | Imp | Comment | |||
|---|---|---|---|---|---|---|---|---|
| R4 | .6028/35 | ** | 22 Apr YTD high, 61.8% | S1 | .5850 | ** | Apr/Aug 2024 lows | |
| R3 | .6000 | * | congestion | S2 | .5830 | * | Mar high | |
| R2 | .5935 | * | 23 Apr low, congestion | S3 | .5800 | * | congestion | |
| R1 | .5900 | * | congestion | S4 | .5772 | * | Feb high |
Asterisk denotes strength of level
00:35 GMT - Break of the .5900 level extending rejection from the 5968, mid-week high. Daily studies have turned negative once again and see risk for break lower to retest .5850 support. Below here will open up room for deeper pullback to retrace the April rally. Lower will see scope to the .5830 support then the .5800 congestion. Meanwhile, resistance is lowered to the .5900 level and is expected to cap and sustain pullback from the .5968 high. Regaining this will ease the downside pressure and further extend consolidation here.