Chart USD/ZAR Update: Pressuring support at the 16.6500 Fibonacci retracement
Little change, as prices post a fresh year low within strong support at the 16.6900 year low of January 2023 and the 16.6500 Fibonacci retracement
| Level | Comment | Level | Comment | |||||
|---|---|---|---|---|---|---|---|---|
| R4 | 17.5000 | ** | congestion | S1 | 16.6900 | ** | January 2023 (y) low | |
| R3 | 17.4000 | * | congestion | S2 | 16.6625 | fresh 2025 (y) low | ||
| R2 | 17.2000 | * | congestion | S3 | 16.6500 | ** | 50% ret of 2021-2023 rally | |
| R1 | 17.0000 | ** | congestion | S4 | 16.1060 | ** | August 2022 low |
Asterisk denotes strength of level
12:15 GMT - Little change, as prices post a fresh year low within strong support at the 16.6900 year low of January 2023 and the 16.6500 Fibonacci retracement. Oversold daily stochastics are rising, suggesting potential for consolidation around here. But the daily Tension Indicator is negative and broader weekly charts are bearish, highlighting difficulty sustaining any immediate gains. Fresh selling interest is expected to appear into any bounce towards congestion resistance at 17.0000. Following cautious trade, fresh losses are looked for. A later close below 16.6500 will add weight to sentiment and extend April losses towards the 16.1060 low of August 2022.