Chart USD/ZAR Update: Sharp bounce
Cautious trade around congestion at 17.2000 has given way to the anticipated push higher
| Level | Comment | Level | Comment | |||||
|---|---|---|---|---|---|---|---|---|
| R4 | 17.6550 | ** | 50% ret of Aug-Oct fall | S1 | 17.2000 | * | congestion | |
| R3 | 17.5775 | 5 Nov (w) high | S2 | 17.0315 | ** | 30 Sep 2024 (y) low | ||
| R2 | 17.5000 | ** | congestion | S3 | 17.0000 | ** | congestion | |
| R1 | 17.4000 | * | congestion | S4 | 16.9495 | ** | 13 Nov YTD low |
Asterisk denotes strength of level
12:05 GMT - Cautious trade around congestion at 17.2000 has given way to the anticipated push higher, with sharp gains currently pressuring congestion resistance at 17.4000. Just higher is further congestion around 17.5000. But already overbought intraday studies could limit any initial tests of this range in consolidation, before rising daily readings and improving weekly charts prompt a break. A close above 17.5000 will improve sentiment and extend mid-November gains beyond the 17.5775 weekly high of 5 November towards the 17.6550 Fibonacci retracement. Meanwhile, support at 17.2000 should underpin any immediate setbacks.