Chart NZD/USD Update: Extending bounce from .5578 low
Edging higher in range from the .5578 low as prices consolidate recent losses from the .5682/.5700 resistance area
| Levels | Imp | Comment | Levels | Imp | Comment | |||
|---|---|---|---|---|---|---|---|---|
| R4 | .5755 | ** | Sep low | S1 | .5606/00 | * | 7 Nov low, congestion | |
| R3 | .5700 | * | congestion | S2 | .5578 | ** | 21 Nov low | |
| R2 | .5682 | * | Oct low | S3 | .5550 | * | congestion | |
| R1 | .5650 | * | congestion | S4 | .5510 | * | Oct 2022 year low |
Asterisk denotes strength of level
00:30 GMT - Edging higher in range from the .5578 low as prices consolidate recent losses from the .5682/.5700 resistance area as bearish momentum shows signs of waning. Daily studies are unwinding oversold readings and weekly chart are stretched as well suggesting room for corrective bounce to .5650 congestion. Higher will open up room to the .5682/.5700 resistance which is expected to cap. Clearance here, if seen, will fade the downside pressure and see stronger recovery to retrace losses from the .6000 September high. Meanwhile, support is raised to the .5606/00 area to sustain bounce from the .5578 low.