Chart USD/ZAR Update: Extending consolidation
Still little change, as mixed intraday studies keep near-term sentiment cautious
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 | 17.7975/00 | * | 17 Oct (w) high; cong | 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 - Still little change, as mixed intraday studies keep near-term sentiment cautious and extend consolidation within the 17.5000 - 17.6735 area. Overbought daily stochastics are ticking down and the positive daily Tension Indicator is flattening, suggesting potential for a retest of congestion support at 17.5000. However, rising weekly charts should limit any break beneath here in renewed buying interest above 17.3500. Meanwhile, a close back above 17.6735, not yet seen, will turn sentiment positive and extend September gains beyond the 17.7975 weekly high of 17 October and congestion around 17.8000, towards the 17.8600 Fibonacci retracement.