Published: 2024-10-17T11:29:36.000Z
Chart USD/ZAR Update: Poised for further gains
Senior Technical Strategist
-
Cautious trade has has given way to the anticipated break above the 17.6735 weekly high of 9 October
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
11:50 BST - Cautious trade has has given way to the anticipated break above the 17.6735 weekly high of 9 October, as intraday studies strengthen, with prices currently meeting selling interest just below 17.7500. Daily readings are rising and broader weekly charts are also positive, highlighting room for still further gains in the coming sessions. A close above 17.6735 will confirm continuation of September gains and initially target the 17.8600 Fibonacci retracement. Meanwhile, support remains at 17.5000. A close beneath here, if seen, will open up 17.3500, where renewed buying interest is looked for.