Published: 2024-11-07T00:51:46.000Z
Chart NZD/USD Update: Under pressure, focus turn to .5852/.5850 lows
Technical Analyst
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Test of the .6000/15 resistance gave way to sharp losses through the .5940 low of last week to reach .5912 low
| Levels | Imp | Comment | Levels | Imp | Comment | |||
|---|---|---|---|---|---|---|---|---|
| R4 | .6050/52 | ** | congestion, 9 Oct low | S1 | .5912 | * | 6 Nov low | |
| R3 | .6021 | * | 6 Nov high | S2 | .5900 | * | congestion | |
| R2 | .6000 | * | congestion | S3 | .5852/50 | ** | 19 Apr, 5 Aug YTD lows | |
| R1 | .5950 | * | congestion | S4 | .5775 | ** | 26 Oct 2023 year low |
Asterisk denotes strength of level
00:40 GMT - Test of the .6000/15 resistance gave way to sharp losses through the .5940 low of last week to reach .5912 low. Bearish outside range from the .6021 high keeps pressure on the downside and see room to further extend losses from the September high. Lower will see scope to target the .5900 level though focus is now on the critical .5852/.5850, April/August lows. Meanwhile, resistance is lowered to the .5950 congestion and this should cap and sustain losses from the .6000/21 resistance.