Chart USD/ZAR Update: Higher in choppy trade - gains to remain limited
Little change, as prices extend cautious/choppy trade, centred around 16.4000
| Level | Comment | Level | Comment | |||||
|---|---|---|---|---|---|---|---|---|
| R4 | 16.8000 | break level | S1 | 16.3025 | * | 6 Jan YTD low | ||
| R3 | 16.7000 | break level | S2 | 16.1060 | ** | 11 Aug 2022 (m) low | ||
| R2 | 16.6000 | break level | S3 | 16.0000 | ** | congestion | ||
| R1 | 16.5000 | break level | S4 | 15.8800 | ** | 61.8% ret of 2021-2023 rally |
Asterisk denotes strength of level
12:40 GMT - Little change, as prices extend cautious/choppy trade, centred around 16.4000. Rising intraday studies and a tick higher in daily readings has put focus on resistance at 16.5000. Buty mixed/negative weekly charts should limit any break in renewed selling interest towards 16.6000. A close above here, if seen, would improve price action and extend corrective gains, initially to 16.7000. Meanwhile, support remains down to the 16.3025 current year low of 6 January. A close beneath here, not yet seen, will turn sentiment negative and extend the April bear trend towards the 16.1060 monthly low of 11 August 2022 and historic congestion around 16.0000. Just lower is the 15.8800 Fibonacci retracement. But flat oversold weekly stochastics are expected to limit any initial tests of this broad 15.8800 - 16.1060 range in short-covering/consolidation.