Chart USD/ZAR Update: Cautious trade - studies improving
Little change, as consolidation around 16.7000 gives way to consolidation around congestion resistance at 16.8000
| Level | Comment | Level | Comment | |||||
|---|---|---|---|---|---|---|---|---|
| R4 | 17.0000 | * | congestion | S1 | 16.6000 | * | congestion | |
| R3 | 16.9785 | * | 24 Jul (w) high | S2 | 16.4000 | congestion | ||
| R2 | 16.9150 | ** | 30 Apr (w) high | S3 | 16.2500 | * | congestion | |
| R1 | 16.8000 | ** | congestion | S4 | 16.1400 | ** | 17 Apr (m) range low |
Asterisk denotes strength of level
12:05 BST - Little change, as consolidation around 16.7000 gives way to consolidation around congestion resistance at 16.8000. Overbought daily stochastics are ticking lower, suggesting potential for further range trade around here. But the rising daily Tension Indicator and positive weekly charts suggest room for fresh gains in the coming sessions. However, a close above the 16.9150 weekly high of 30 April is needed to improve sentiment and extend mid-April gains towards congestion around 17.0000. Already overbought daily stochastics could limit any immediate tests above here in profit-taking/consolidation beneath critical resistance at the 17.2475 current year high of 23 March and the 17.2750 Fibonacci retracement. Meanwhile, support remains down to congestion around 16.6000 and should underpin any immediate setbacks.