Chart NZD/USD Update: Room to extend choppy gains
Settled back from retest of strong resistance at the .5625/50 area as prices consolidate bounce from the .5527 Friday's current year low
| Levels | Imp | Comment | Levels | Imp | Comment | |||
|---|---|---|---|---|---|---|---|---|
| R4 | .5750 | * | congestion | S1 | .5578 | * | Nov 2025 low | |
| R3 | .5700/10 | ** | congestion, Oct high | S2 | .5527 | ** | 6 Nov YTD low | |
| R2 | .5680 | * | Apr low | S3 | .5512 | ** | Oct 2022 year low | |
| R1 | .5625/50 | ** | Jun low, congestion | S4 | .5470 | ** | Mar 2020 year low |
Asterisk denotes strength of level
00:40 GMT - Settled back from retest of strong resistance at the .5625/50 area as prices consolidate bounce from the .5527 current year low of last Friday. Daily studies have turned up from oversold areas and suggest scope for break here to open up room for stronger recovery to resistance at .5680 then the .5700/10 congestion and October high. Meanwhile, support remains at the .5600/.5578 area which should underpin. Failure to hold this support will return focus to the downside for retest of the .5527 low. Below here, if seen, will see room to strong support ares at .5512 and extending to .5485/.5470, 2025/2020 year lows.