Chart USD/ZAR Update: Limited corrective gains
Little change, as prices extend cautious trade above congestion support at 18.7250
| Level | Comment | Level | Comment | |||||
|---|---|---|---|---|---|---|---|---|
| R4 | 19.3880 | ** | 19 Apr 2024 (m) high | S1 | 18.7250 | congestion | ||
| R3 | 19.2400 | ** | 76.4% ret of 2023-2024 fall | S2 | 18.6000 | * | break level | |
| R2 | 19.0000 | ** | congestion | S3 | 18.5000 | ** | break level | |
| R1 | 18.8500 | break level | S4 | 18.3900 | ** | 38.2% ret of Sep-Jan rally |
Asterisk denotes strength of level
11:55 GMT - Little change, as prices extend cautious trade above congestion support at 18.7250. Intraday studies have turned higher and oversold daily stochastics are also ticking up, suggesting potential for a move towards resistance at 18.8500. However, the daily Tension Indicator continues to fall and broader weekly charts are also deteriorating, suggesting any break above here could give way to renewed selling interest towards 19.0000. Following any corrective gains, fresh losses are looked for. A close back below 18.7250 will add weight to sentiment and put focus on 18.6000. Beneath here is 18.5000, but by-then oversold daily stochastics could limit any initial tests in short-covering/consolidation.