Chart USD/ZAR Update: Daily studies leaning lower
Little change, as prices extend cautious trade around congestion support at 17.7000
| Level | Comment | Level | Comment | |||||
|---|---|---|---|---|---|---|---|---|
| R4 | 18.3575~ | * | 1 Aug (w) high | S1 | 17.7000 | * | congestion | |
| R3 | 18.1525 | ** | 19 Jun (m) high | S2 | 17.6000 | * | congestion | |
| R2 | 18.0000 | ** | congestion | S3 | 17.5000 | ** | congestion | |
| R1 | 17.8000 | * | congestion | S4 | 17.2500 | ** | 7 Nov (m) low |
Asterisk denotes strength of level
12:25 BST - Little change, as prices extend cautious trade around congestion support at 17.7000. Intraday studies are rising, suggesting room for a test of congestion resistance at 17.8000. But negative daily readings should limit any initial tests in consolidation. In the coming sessions, cautious trade is expected to give way to a fresh test below 17.7000. Focus will then turn to 17.6000. But rising weekly charts should limit any deeper losses in renewed consolidation/buying interest above 17.5000. Meanwhile, a close above 17.8000 would help to stabilise price action and prompt consolidation beneath further congestion around 18.0000.