Published: 2024-12-18T00:43:06.000Z
Chart NZD/USD Update: Under pressure
Technical Analyst
2
Prices remains under pressure and break of the .5750 low will see room to .5740 support
| Levels | Imp | Comment | Levels | Imp | Comment | |||
|---|---|---|---|---|---|---|---|---|
| R4 | .5929 | ** | 29 Nov high | S1 | .5750 | * | 17 Dec YTD low | |
| R3 | .5900 | * | congestion | S2 | .5740 | * | Nov 2022 low | |
| R2 | .5850 | ** | Apr, Aug lows | S3 | .5700 | * | congestion | |
| R1 | .5800 | * | 26 Nov low | S4 | .5600 | * | 21 Oct 2022 low, congestion |
Asterisk denotes strength of level
00:35 GMT - Prices remains under pressure and break of the .5750 low will see room to .5740 support. Below this will open up further extension to the .5700 congestion. Daily and weekly studies remains deep into oversold area and caution corrective bounce. Resistance is at the .5800 level and lift over this needed to open up stronger recovery to the strong resistance at .5850, the previous April/August lows. The latter is expected to cap and only clearance here will fade the downside pressure and see room for stronger bounce to the .5900/.5929, congestion and late-November bounce high.