Chart USD/ZAR Update: Under pressure
Cautious trade around 17.5000 has given way to the anticipated break
| Level | Comment | Level | Comment | |||||
|---|---|---|---|---|---|---|---|---|
| R4 | 18.0000 | * | congestion | S1 | 17.3500 | * | break level | |
| R3 | 17.8600 | ** | 50% ret of Aug-Sep fall | S2 | 17.2000 | intraday pivot | ||
| R2 | 17.6000 | * | minor congestion | S3 | 17.0315 | ** | 30 Sep YTD low | |
| R1 | 17.5000 | * | break level | S4 | 16.9280 | ** | February 2023 low |
Asterisk denotes strength of level
11:40 GMT - Cautious trade around 17.5000 has given way to the anticipated break, as intraday studies track lower, with prices currently trading around 17.4225. Daily readings continue to fall and rising weekly stochastics are ticking down, highlighting a deterioration in sentiment and room for a test of support at 17.3500. However, the positive weekly Tension Indicator should limit any deeper losses in renewed buying interest above 17.2000. Meanwhile, resistance remains up to 17.6000. A close above here will turn sentiment neutral. But a further close above the 17.8600 Fibonacci retracement is needed to turn price action positive and extend September gains towards resistance within the 18.0000 - 18.0550 area.