Chart USD/ZAR Update: Choppy trade - background studies under pressure
The anticipated test above 16.2500 has been pushed back from 16.3850
| Level | Comment | Level | Comment | |||||
|---|---|---|---|---|---|---|---|---|
| R4 | 16.8000 | * | congestion | S1 | 16.1400 | ** | 17 Apr (m) low | |
| R3 | 16.6000 | * | congestion | S2 | 16.0170 | ** | 76.4% ret of Jan-Mar rally | |
| R2 | 16.4000 | congestion | S3 | 16.0000 | ** | congestion | ||
| R1 | 16.2500 | * | congestion | S4 | 15.8215 | ** | 26 Feb (w) low |
Asterisk denotes strength of level
12:35 BST - The anticipated test above 16.2500 has been pushed back from 16.3850, as overbought intraday studies unwind, with prices once again balanced in cautious trade beneath 16.2500. Oversold daily stochastics are flat, highlighting potential for further consolidation, before the negative daily Tension Indicator and bearish weekly charts prompt further losses. Support is at the 16.1400 monthly low of 17 April. A later close beneath here will add weight to sentiment and extend late-March losses towards the 16.0170 retracement. Meanwhile, a close above 16.4000, if seen, will help to stabilise price action and give way to consolidation beneath further congestion around 16.6000.