Chart USD/ZAR Update: Consolidating gains - studies rising
The break above 16.4000 has met selling interest just beneath congestion resistance at 16.6000
| Level | Comment | Level | Comment | |||||
|---|---|---|---|---|---|---|---|---|
| R4 | 16.9150 | ** | 30 Apr (w) high | S1 | 16.4000 | congestion | ||
| R3 | 16.8000 | ** | congestion | S2 | 16.2500 | * | congestion | |
| R2 | 16.6750 | ** | 24 Jun (m) high | S3 | 16.1400 | ** | 17 Apr (m) low | |
| R1 | 16.6000 | * | congestion | S4 | 16.0170 | ** | 76.4% ret of Jan-Mar rally |
Asterisk denotes strength of level
12:30 BST - The break above 16.4000 has met selling interest just beneath congestion resistance at 16.6000, with prices settling back into consolidation above 16.4000. Daily readings are rising and broader weekly charts are also positive, highlighting room for further gains in the coming sessions. However, a close above the 16.6750 monthly high of 24 June is needed to turn sentiment positive and confirm continuation of mid-June gains towards congestion around 16.8000. Meanwhile, a close back below congestion support at 16.4000 should be limited in renewed buying interest/consolidation above further congestion around 16.2500.