Chart USD/ZAR Update: Fresh year high
Anticipated gains have tested above resistance at the 16.8000 break level to post a fresh year high around 16.9165
| Level | Comment | Level | Comment | |||||
|---|---|---|---|---|---|---|---|---|
| R4 | 17.1200 | * | 9 Dec (w) high | S1 | 16.6000 | break level | ||
| R3 | 17.0000 | ** | break level | S2 | 16.5000 | break level | ||
| R2 | 16.9165 | fresh YTD high | S3 | 16.2000 | * | congestion | ||
| R1 | 16.8000 | * | break level | S4 | 16.0000 | ** | congestion |
Asterisk denotes strength of level
12:30 GMT - Anticipated gains have tested above resistance at the 16.8000 break level to post a fresh year high around 16.9165, before settling back into consolidation beneath 16.8000. Daily readings are positive and broader weekly charts continue to rise, highlighting room for further strength in the coming sessions. A close above 16.8000 will improve sentiment and extend late-January gains towards strong resistance at 17.0000. Already overbought daily stochastics could limit any initial tests in consolidation, before prices continue higher. Meanwhile support remains within the 16.5000 - 16.6000 range. A close back beneath here, if seen, will help to stabilise price action and prompt consolidation above 16.2000.