Chart USD/ZAR Update: Sharp pullback - studies under pressure
Anticipated losses have extended further than expected
| Level | Comment | Level | Comment | |||||
|---|---|---|---|---|---|---|---|---|
| R4 | 16.8000 | * | congestion | S1 | 16.2500 | * | congestion | |
| R3 | 16.6630 | 8 Jun high | S2 | 16.1400 | ** | 17 Apr (m) low | ||
| R2 | 16.6000 | * | congestion | S3 | 16.0170 | ** | 76.4% ret of Jan-Mar rally | |
| R1 | 16.4000 | congestion | S4 | 16.000 | ** | congestion |
Asterisk denotes strength of level
12:15 BST - Anticipated losses have extended further than expected, with prices reaching congestion support at 16.2500 before settling into consolidation. Daily readings have turned down and broader weekly charts are under pressure, highlighting room for further losses in the coming sessions. A break beneath here will open up the 16.1400 monthly low of 17 April. A close beneath here will add weight to sentiment and extend late-March losses towards strong support within the 16.0000 - 16.0170 range. Meanwhile, resistance is lowered to congestion around 16.4000. A close above here, if seen, will help to stabilise sentiment and prompt fresh consolidation beneath further congestion around 16.6000.