Chart USD/ZAR Update: Back in range
Sharp reactive gains have met selling interest beneath resistance at the 17.8600 Fibonacci retracement
| Level | Comment | Level | Comment | |||||
|---|---|---|---|---|---|---|---|---|
| R4 | 18.0000 | * | congestion | S1 | 17.3500 | ** | break level | |
| R3 | 17.8600 | ** | 50% ret of Aug-Sep fall | S2 | 17.2000 | intraday pivot | ||
| R2 | 17.6000 | * | congestion | S3 | 17.0315 | ** | 30 Sep YTD low | |
| R1 | 17.5000 | * | break level | S4 | 17.0000 | * | congestion |
Asterisk denotes strength of level
11:25 GMT - Sharp reactive gains have met selling interest beneath resistance at the 17.8600 Fibonacci retracement, with steady losses posting a break back below 17.5000 - 17.6000. Unwinding oversold daily stochastics suggest potential for consolidation above support at the 17.3500 break level. But the negative daily Tension Indicator points to room for a later break towards 17.2000. Mixed weekly charts should limit any deeper losses in consolidation above strong support at the 17.0315 current year low of 30 September. Meanwhile, a close above 17.8600 is needed to turn sentiment positive and confirm continuation of September gains, initially to 18.0000 - 18.0500.