Published: 2024-09-10T00:47:38.000Z
Chart NZD/USD Update: Weighing on the .6130 support, break in focus
Technical Analyst
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Prices remains under pressure to extend pullback from the .6300 high to reach the .6150/30 support and 38.2% Fibonacci level
| Levels | Imp | Comment | Levels | Imp | Comment | |||
|---|---|---|---|---|---|---|---|---|
| R4 | .6300 | ** | 29 Aug high | S1 | .6150/30 | * | congestion, 38.2% | |
| R3 | .6250/55 | * | congestion, 6 Sep high | S2 | .6100 | * | congestion | |
| R2 | .6200 | * | congestion | S3 | .6075 | * | 50% Aug rally | |
| R1 | .6170 | * | 4 Sep low | S4 | .6050 | ** | congestion |
Asterisk denotes strength of level
00:35 GMT - Prices remains under pressure to extend pullback from the .6300 high to reach the .6150/30 support and 38.2% Fibonacci level. Consolidation here see risk for break later to open up deeper pullback to the .6100 congestion. Lower still, will see scope to the strong support at the .6075/.6050, 50% Fibonacci level and congestion area. Losses are expected to give way to renewed buying interest later. Meanwhile, resistance is lowered to the .6170/.6200 area which is expected to cap. Regaining this will revive upside focus and open up the .6250/55 area and .6300 high to retest.