Published: 2024-10-15T10:52:24.000Z
Chart USD/ZAR Update: Room for higher in the coming sessions
Senior Technical Strategist
6
The anticipated test of strong resistance at the 17.6735 weekly high of 9 October is giving way to expected consolidation
Level | Comment | Level | Comment | |||||
---|---|---|---|---|---|---|---|---|
R4 | 18.0550 | ** | 61.8% ret of Aug-Sep fall | S1 | 17.5000 | * | minor congestion | |
R3 | 17.8600 | ** | 50% ret of Aug-Sep fall | S2 | 17.3500 | intraday break level | ||
R2 | 17.8000 | * | congestion | S3 | 17.2000 | intraday pivot | ||
R1 | 17.6735 | * | 9 Oct (w) high | S4 | 17.0315 | * | 27 Sep YTD low |
Asterisk denotes strength of level
11:20 BST - The anticipated test of strong resistance at the 17.6735 weekly high of 9 October is giving way to expected consolidation, as rising intraday studies become overbought. Daily readings are improving and broader weekly charts are positive, highlighting room for still further gains in the coming sessions. A close above 17.6735 will turn sentiment outright positive and confirm continuation of September gains towards the 17.8600 Fibonacci retracement. Meanwhile, support is at congestion around 17.5000 and extends to 17.3500. This broad area should underpin any immediate tests lower.