|R1||14.2000||Tues high volume||S1||14.0120||*||5 Apr (w) low|
|R2||14.2835||2-Apr high||S2||13.9850~||*||50% ret of Jan-Mar rally|
|R3||14.30-40~||**||Aug-18- March high volm||S3||13.8035||*||61.8% ret of Jan-Mar rally|
|R4||14.6117||*||congestion||S4||13.7938||*||25 Feb low|
Asterisk denotes strength of level
11:45 BST - USD/ZAR is attempting to stabilize above the 13.9850 Fibonacci retracement as oversold daily momentum studies unwind. However, there is no change to the underlying bearish tone, with short-term reactions expected to give way to further downside tests. A later close below 13.9850 will confirm a deeper correction of the January-March rally towards the 13.8035 retracement. Resistance remains at the 14.2000 pivot and should continue to cap any immediate corrective bounce. An unexpected close above here would turn price action cautiously neutral.