Chart USD/ZAR Update: Leaning lower
Cautious trade around the 15.8800 Fibonacci retracement is giving way to a break lower
| Level | Comment | Level | Comment | |||||
|---|---|---|---|---|---|---|---|---|
| R4 | 16.7000 | break level | S1 | 15.6370 | ** | 29 Jan YTD low | ||
| R3 | 16.5000 | break level | S2 | 15.1665 | * | June 2022 low | ||
| R2 | 16.1060 | ** | 11 Aug 2022 (m) low | S3 | 15.0000 | ** | congestion | |
| R1 | 16.0000 | ** | congestion | S4 | 14.9200 | ** | 76.4% ret of 2021-2023 rally |
Asterisk denotes strength of level
14:55 GMT - Cautious trade around the 15.8800 Fibonacci retracement is giving way to a break lower, as intraday studies turn down, with prices currently trading around 15.8200. Daily readings are under pressure and broader weekly charts are also bearish, highlighting room for deeper losses in the coming sessions. Critical support at the 15.6370 current year low of 29 January. A further close beneath here will add weight to sentiment and extend June 2023 losses initially towards the 15.1665 low of June 2022. Meanwhile, resistance is at congestion around 16.0000 and extends to 16.1060. A close above here is needed to help to stabilise price action and prompt consolidation beneath 16.5000.