Chart USD/ZAR Update: Consolidating - daily studies improving
Little change, as mixed intraday studies keep near-term sentiment cautious
| Level | Comment | Level | Comment | |||||
|---|---|---|---|---|---|---|---|---|
| R4 | 18.5000 | * | congestion | S1 | 17.7700 | * | congestion | |
| R3 | 18.2500 | * | congestion | S2 | 17.5930 | * | 30 Aug YTD low | |
| R2 | 18.1500 | * | congestion | S3 | 17.4500 | ** | 76.4% ret of Jan-Jun 2023 rally | |
| R1 | 18.0000 | * | congestion | S4 | 17.4175 | ** | 38.2% ret of 2021-2023 rally |
Asterisk denotes strength of level
11:30 BST - Little change, as mixed intraday studies keep near-term sentiment cautious and prompt consolidation beneath congestion resistance at 18.0000. Daily readings are turning higher and broader weekly charts are improving, highlighting room for a later break above 18.0000 and continuation of late-August gains towards further congestion around 18.1500. Meanwhile, support remains at congestion around 17.7000. A close beneath here, if seen, would prompt renewed consolidation above 17.5930. Continuation beneath here is needed to turn sentiment outright negative and confirm extension of May 2023 losses initially to the 17.4500 Fibonacci retracement.