Chart USD/ZAR Update: Range trade - background studies improving
Still little change, as mixed intraday studies and overbought daily stochastics keep near-term sentiment cautious
| Level | Comment | Level | Comment | |||||
|---|---|---|---|---|---|---|---|---|
| R4 | 18.4080 | * | 38.2% ret of Apr-Jul fall | S1 | 17.8000 | * | congestion | |
| R3 | 18.3000 | * | congestion | S2 | 17.7000 | * | congestion | |
| R2 | 18.1525 | ** | 19 Jun (m) high | S3 | 17.6000 | * | congestion | |
| R1 | 18.0000 | ** | congestion | S4 | 17.5000 | * | congestion |
Asterisk denotes strength of level
11:55 BST - Still little change, as mixed intraday studies and overbought daily stochastics keep near-term sentiment cautious and extend consolidation within the 17.8000-18.0000 range. The daily Tension Indicator continues to rise and broader weekly charts are improving, suggesting room for a later break higher. A close above congestion resistance at 18.0000 would improve sentiment. But a further close above critical resistance at the 18.1525 monthly high of 19 June is needed to turn sentiment outright positive and extend July gains towards the 18.4080 Fibonacci retracement. Meanwhile, support remains at congestion around 17.8000 and extends to further congestion around 17.7000. This range should underpin any immediate setbacks.