Published: 2024-11-04T00:41:33.000Z
Chart NZD/USD Update: Scope to extend bounce from .5940 low
Technical Analyst
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Higher opening see prices back to retest the .6000 level
| Levels | Imp | Comment | Levels | Imp | Comment | |||
|---|---|---|---|---|---|---|---|---|
| R4 | .6106 | ** | Sep low | S1 | .5940 | ** | 31 Oct low | |
| R3 | .6085 | * | 21 Oct high | S2 | .5913/00 | * | 6 Aug low, congestion | |
| R2 | .6050/52 | ** | congestion, 9 Oct low | S3 | .5852/50 | ** | 19 Apr, 5 Aug YTD lows | |
| R1 | .6000 | * | figure | S4 | .5775 | ** | 26 Oct 2023 year low |
Asterisk denotes strength of level
00:30 GMT - Higher opening see prices back to retest the .6000 level but no follow-through as yet. However, consolidation here is expected to give way to break higher to extend bounce from the .5940 low and retrace the steep losses from the September high. Daily studies have turned positive as prices unwind the deep oversold readings and higher will see room to the .6050/52 congestion and the strong resistance zone at .6085/.6106 area. Meanwhile, support at the .5960/40 area now protecting the downside. Failure here will see extension to the .5900 level then the critical .5852/.5850, April/August lows.