Chart USD/ZAR Update: Choppy in range
Cautious trade has given way to sharp break higher
| Level | Comment | Level | Comment | |||||
|---|---|---|---|---|---|---|---|---|
| R4 | 16.8000 | ** | congestion | S1 | 16.2500 | * | congestion | |
| R3 | 16.6750 | ** | 24 Jun (m) high | S2 | 16.1400 | ** | 17 Apr (m) low | |
| R2 | 16.6000 | * | congestion | S3 | 16.0170 | ** | 76.4% ret of Jan-Mar rally | |
| R1 | 16.4000 | congestion | S4 | 16.0000 | ** | congestion |
Asterisk denotes strength of level
13:10 BST - Cautious trade has given way to sharp break higher, with prices testing above 16.4000 before settling lower into consolidation around 16.3700. Oversold daily stochastics are unwinding and the bearish daily Tension Indicator is flattening, suggesting room for a retest above here. Focus will then turn to resistance at congestion around 16.6000, but mixed weekly charts charts should limit any tests in fresh consolidation. (A close above the 16.6750 monthly high of 24 June is needed to turn sentiment positive and extend gains towards congestion around 16.8000.) Meanwhile, support is raised to congestion around 16.2500. However, a close below the 16.1400 monthly low of 17 April is needed to turn sentiment negative and extend March losses towards the 16.0000 -16.0170 range.