Published: 2024-08-13T10:39:56.000Z
Chart USD/ZAR Update: Prices remain under pressure
Senior Technical Strategist
1
Cautious trade is giving way to anticipated losses
| Level | Comment | Level | Comment | |||||
|---|---|---|---|---|---|---|---|---|
| R4 | 18.6600 | * | 2 Jul (m) high | S1 | 18.1500 | * | congestion | |
| R3 | 18.5000 | ** | congestion | S2 | 18.0000 | * | congestion | |
| R2 | 18.4000 | congestion | S3 | 17.8660 | ** | 24 Jun YTD low | ||
| R1 | 18.2500 | * | congestion | S4 | 17.8000 | * | congestion |
Asterix denotes strength of level
11:30 BST - Cautious trade is giving way to anticipated losses, with prices drifting down to support at congestion around 18.1500. Intraday studies have turned down and daily readings continue to track lower, highlighting room for a further break and continuation towards further congestion around 18.0000. However, weekly charts are mixed, suggesting any initial tests could give way to consolidation/short-covering. Meanwhile, resistance is lowered to congestion around 18.2500. A close back above here, if seen, would turn sentiment neutral and prompt renewed consolidation beneath further congestion around 18.4000.