Chart USD/ZAR Update: Range extension - studies under pressure
Still little change, as prices extend cautious trade within the 18.0465 - 18.3000 range
| Level | Comment | Level | Comment | |||||
|---|---|---|---|---|---|---|---|---|
| R4 | 18.8500 | break level | S1 | 18.0465 | ** | 7 Mar (m) low | ||
| R3 | 18.7250 | * | congestion | S2 | 18.0000 | ** | congestion | |
| R2 | 18.5000 | ** | break level | S3 | 17.8700 | ** | 61.8% ret of Sep-Jan rally | |
| R1 | 18.3000 | ** | break level | S4 | 17.6150 | ** | 12 Dec (m) low |
Asterisk denotes strength of level
10:55 GMT - Still little change, as prices extend cautious trade within the 18.0465 - 18.3000 range. Unwinding overbought intraday studies are prompting short-term selling interest beneath resistance at the 18.3000 break level. But rising daily readings should limit any pullback in renewed buying interest/consolidation above support at the 18.0465 monthly low of 7 March. Broader weekly charts are negative, highlighting room for fresh losses in the coming sessions. But a close below 18.0465 is needed to add weight to sentiment and extend January losses below congestion around 18.0000 towards the 17.8700 Fibonacci retracement. Meanwhile, any break above 18.3000 should meet selling pressure towards the 18.5000 break level.