Chart USD/ZAR Update: Fresh year low
Little change, as prices extend consolidation following a dip to a fresh year low around 17.2985
| Level | Comment | Level | Comment | |||||
|---|---|---|---|---|---|---|---|---|
| R4 | 18.0000 | ** | congestion | S1 | 17.2500 | ** | 7 Nov (m) low | |
| R3 | 17.8000 | * | congestion | S2 | 17.0315 | ** | 30 Sep 2024 (y) low | |
| R2 | 17.7000 | * | congestion | S3 | 17.0000 | ** | congestion | |
| R1 | 17.5000 | ** | congestion | S4 | 16.7370 | ** | July 2023 low |
Asterisk denotes strength of level
12:00 BST - Little change, as prices extend consolidation following a dip to a fresh year low around 17.2985. Intraday studies are rising, suggesting room for a minor test higher. But daily readings are under pressure and broader weekly studies are turning down, highlighting room for increased selling interest towards congestion resistance at 17.5000. Following cautious trade, fresh losses are looked for. Support is down to the 17.2500 monthly low of 7 November. Further losses will open up critical support at the 17.0315 year low of 30 September. However, already oversold daily stochastics could limit any initial tests in consolidation. Meanwhile, a close above 17.5000, if seen, will help to stabilise price action and prompt consolidation beneath further congestion within 17.7000-17.8000.