Chart NZD/USD Update: Consolidating above .5600, but still vulnerable
Steadied at the .5608 low as prices consolidate sharp breakdown through the .5750/40 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
00:30 GMT - Steadied at the .5608 low as prices consolidate sharp breakdown through the .5750/40 support. Shallow bounce see prices unwinding the oversold intraday studies but the downside remains vulnerable and break here and the .5600 level will see room to .5565 support. Lower still will see scope to .5512/.5470, the 2022 and 2020 year lows. However, deep oversold daily and weekly studies suggest the latter keeping out of reach for now and caution corrective bounce. Meanwhile, resistance is lowered to the .5700/.5750 congestion area which extend to the 2023 year low at .5775. These are expected to cap and sustain the bearish pressure.