Chart NZD/USD Update: Limited gains, but scope for higher
Little change, as prices consolidate test of the .5950 congestion
Levels | Imp | Comment | Levels | Imp | Comment | |||
---|---|---|---|---|---|---|---|---|
R4 | .6050 | * | congestion | S1 | .5900 | figure | ||
R3 | .6000 | * | congestion | S2 | .5860 | ** | 17 Apr YTD low | |
R2 | .5965 | * | 10 Apr low | S3 | .5800 | * | congestion | |
R1 | .5950 | * | 1 Apr low, congestion | S4 | .5773 | ** | 26 Oct 2023 year low |
Asterisk denotes strength of level
00:25 GMT - Little change, as prices consolidate test of the .5950 congestion. Prices are unwinding overbought intraday studies and suggest scope for break later to further extend bounce from the .5860 low. Nearby see scope to resistance at the .5965 recent lows. Clearance here will open up scope to the strong resistance at the .6000/.6050 congestion area. However, gains are seen corrective within the bearish channel from the December high and lower high sought to further pressure the downside later. Meanwhile, support is raised to the .5900 figure and this now underpin. Break here will expose the .5860 low to retest and shift focus to the .5800 level then the .5773, 2023 year low.