Chart NZD/USD Update: Pressuring .5800/.5775 support
Consolidation around the .5850 level has given way to selling pressure to retest the strong support at .5800/.5775, November YTD low and 2023 year low
| Levels | Imp | Comment | Levels | Imp | Comment | |||
|---|---|---|---|---|---|---|---|---|
| R4 | .5950 | * | congestion | S1 | .5800 | * | figure | |
| R3 | .5929 | ** | 29 Nov high | S2 | .5775 | ** | 26 Oct 2023 year low | |
| R2 | .5900 | * | congestion | S3 | .5740 | * | Nov 2022 low | |
| R1 | .5850 | * | Apr, Aug lows | S4 | .5700 | * | congestion |
Asterisk denotes strength of level
00:20 GMT - Consolidation around the .5850 level has given way to selling pressure to retest the strong support at .5800/.5775, November YTD low and 2023 year low. However, bearish structure from the September YTD high threatens break here to extend the broader losses from the February 2023 year high. Lower will open up room to the .5740 support and .5700 congestion. Meanwhile, resistance at the .5850, April and August lows now expected to cap. Only above here will see room for stronger bounce to the strong resistance at the .5900/.5929 congestion and 29 November high.