Published: 2024-05-02T00:45:57.000Z
Chart NZD/USD Update: Limited gains
Technical Analyst
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Steadied at the .5874 low though the downside remains vulnerable
Levels | Imp | Comment | Levels | Imp | Comment | |||
---|---|---|---|---|---|---|---|---|
R4 | .6050 | * | congestion | S1 | .5874 | * | 1 May low | |
R3 | .6000 | * | congestion | S2 | .5860 | ** | 17 Apr YTD low | |
R2 | .5985 | * | 29 Apr high | S3 | .5800 | * | congestion | |
R1 | .5950 | congestion | S4 | .5773 | ** | 26 Oct 2023 year low |
Asterisk denotes strength of level
00:30 GMT - Steadied at the .5874 low though the downside remains vulnerable and see scope for retest of the .5860 low. Failure to hold the .5860/50 low and congestion area will further extend losses to the .5800 level then the .5773, 2023 year low. However, mixed daily studies suggest choppy trade tracing out a possible bottom pattern at the channel support from the December high. Meanwhile, resistance is at the .5950 congestion then the .5985 high. Clearance here will turn focus higher to extend gains from the .5860 low and extend gains within the bearish channel towards .6000/50 congestion.