Chart USD/ZAR Update: Extending consolidation beneath the 17.8600 Fibonacci retracement
Little change, as mixed intraday studies keep near-term sentiment cautious
| Level | Comment | Level | Comment | |||||
|---|---|---|---|---|---|---|---|---|
| R4 | 18.1000 | break level | S1 | 17.6000 | * | minor congestion | ||
| R3 | 18.0550 | ** | 61.8% ret of Aug-Sep fall | S2 | 17.5000 | * | break level | |
| R2 | 18.0000 | * | congestion | S3 | 17.3500 | intraday break level | ||
| R1 | 17.8600 | ** | 50% ret of Aug-Sep fall | S4 | 17.2000 | intraday pivot |
Asterisk denotes strength of level
11:50 BST - Little change, as mixed intraday studies keep near-term sentiment cautious and extend cautious trade above support at 17.6000. Daily stochastics are ticking higher, suggesting potential for a retest of resistance at the 17.8600 Fibonacci retracement. But the flattening daily Tension Indicator is expected to limit any initial tests in consolidation, before rising weekly charts prompt a break. A close above 17.8600 will turn sentiment positive and extend September gains towards resistance within the 18.0000 - 18.0550 area. Meanwhile, a close below support at the 17.5000 break leve, if seen, will add weight to sentiment and prompt a pullback towards 17.3500, where fresh buying interest is expected to appear.