Published: 2024-12-18T12:17:00.000Z
Chart USD/ZAR Update: Consolidating gains - studies tracking higher
Senior Technical Strategist
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The anticipated break above 18.0000 is giving way to consolidation beneath congestion resistance at 18.2000
| Level | Comment | Level | Comment | |||||
|---|---|---|---|---|---|---|---|---|
| R4 | 18.4900 | ** | 61.8% ret of Apr-Sep fall | S1 | 18.0000 | * | congestion | |
| R3 | 18.3920 | ** | 14 Nov (m) high | S2 | 17.7500 | * | congestion | |
| R2 | 18.2650 | 28 Nov (w) high | S3 | 17.6000 | * | congestion | ||
| R1 | 18.2000 | congestion | S4 | 17.5000 | * | congestion |
Asterisk denotes strength of level
11:55 GMT - The anticipated break above 18.0000 is giving way to consolidation beneath congestion resistance at 18.2000, as deteriorating intraday studies add weight to near-term sentiment. A test below 18.0000 cannot be ruled out, but rising daily readings are expected to limit any losses in renewed buying interest above congestion support at 17.7500. Following cautious trade, fresh gains are looked for. But a close above 18.2000 is needed to improve price action and open up a test of strong resistance at the 18.3920 monthly high of 14 November.