Chart NZD/USD Update: Consolidating break to fresh year low at .5760
Losses to break support at the .5800/.5775, November and 2023 year low, has seen prices reaching fresh year low at .5760
| Levels | Imp | Comment | Levels | Imp | Comment | |||
|---|---|---|---|---|---|---|---|---|
| R4 | .5950 | * | congestion | S1 | .5775 | * | 26 Oct 2023 year low | |
| R3 | .5929 | ** | 29 Nov high | S2 | .5760 | ** | 11 Dec YTD low | |
| R2 | .5900 | * | congestion | S3 | .5740 | * | Nov 2022 low | |
| R1 | .5850 | * | Apr, Aug lows | S4 | .5700 | * | congestion |
Asterisk denotes strength of level
00:30 GMT - Losses to break support at the .5800/.5775, November and 2023 year low, has seen prices reaching fresh year low at .5760. Bounce from the latter see prices unwind oversold intraday studies and consolidating the December losses. However, bearish structure from the September YTD high threatens broader losses from the February 2023 year high. Lower will see scope to the .5740 support and .5700 congestion from October/November 2022. Meanwhile, resistance at the .5850, April and August lows now expected to cap. Only above here will ease the downside pressure and see room for stronger bounce to the .5900/.5929 congestion and 29 November high.