Published: 2025-05-08T00:42:54.000Z
Chart NZD/USD Update: Under pressure, room for deeper pullback
Technical Analyst
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Limited on break above the .6000 figure as prices gave way to selling pressure below the .6028, April YTD high
| Levels | Imp | Comment | Levels | Imp | Comment | |||
|---|---|---|---|---|---|---|---|---|
| R4 | .6100 | * | congestion | S1 | .5935 | * | 23 Apr low | |
| R3 | .6050 | * | congestion | S2 | .5900 | * | congestion | |
| R2 | .6028/35 | ** | 22 Apr YTD high, 61.8% | S3 | .5850 | ** | Apr/Aug 2024 lows | |
| R1 | .6000 | * | congestion | S4 | .5830 | * | Mar high |
Asterisk denotes strength of level
00:30 GMT - Limited on break above the .6000 figure as prices gave way to selling pressure below the .6028, April YTD high. Sharp rejection from the .6022 high see the resulting outside range threatening deeper pullback to support at .5900 congestion. Daily studies are unwinding overbought readings and see risk for break of the latter to trigger a double top at the .6022/28 highs and see deeper correction of the April rally. Lower will open up room to support at .5850/30 area. Meanwhile, resistance is lowered to the .6000 figure ahead of the .6022/28 highs.