Chart USD/ZAR Update: Sharp push higher
Cautious trade around strong support at the 17.7150 Fibonacci retracement has given way to a sharp break higher
| Level | Comment | Level | Comment | |||||
|---|---|---|---|---|---|---|---|---|
| R4 | 18.5000 | ** | break level | S1 | 17.8500 | break level | ||
| R3 | 18.2500 | * | congestion | S2 | 17.7150 | ** | 76.4% ret of 2024-2025 rally | |
| R2 | 18.1000 | * | break level | S3 | 17.6150 | ** | 12 Dec (m) low | |
| R1 | 18.0000 | ** | congestion | S4 | 17.5000 | * | congestion |
Asterisk denotes strength of level
12:30 BST - Cautious trade around strong support at the 17.7150 Fibonacci retracement has given way to a sharp break higher, with prices currently consolidating the test of resistance within the 18.0000 - 18.1000 range. Daily readings have ticked higher, suggesting an improvement in sentiment and room for further gains in the coming sessions, with a close above this range improving sentiment and opening up further congestion around 18.2500. Mixed weekly charts, however, could limit any initial tests in renewed consolidation. Meanwhile, support is raised to 17.8500. A close back beneath here would turn sentiment neutral once again and give way to fresh consolidation above 17.7150.