Chart USD/ZAR Update: Limited tests higher
The anticipated break above resistance within the 16.5000 - 16.6000 range has been pushed back from 16.6800
| Level | Comment | Level | Comment | |||||
|---|---|---|---|---|---|---|---|---|
| R4 | 17.0000 | * | congestion | S1 | 16.2520 | ** | 61.8% ret of Jan-Mar rally | |
| R3 | 16.8000 | * | congestion | S2 | 16.1280 | * | 10 Mar (w) low | |
| R2 | 16.6000 | break level | S3 | 16.0170 | ** | 76.4% ret of Jan-Mar rally | ||
| R1 | 16.5000 | break level | S4 | 16.0000 | ** | congestion |
Asterisk denotes strength of level
12:50 BST - The anticipated break above resistance within the 16.5000 - 16.6000 range has been pushed back from 16.6800, as overbought intraday studies unwind, with prices once again trading within 16.5000 - 16.6000. Daily stochastics and the daily Tension Indicator continue to rise, highlighting room for a fresh test higher towards congestion around 16.8000. But negative weekly charts should prompt renewed selling interest towards here and limit any tests in consolidation. Meanwhile, support remains at the 16.2520 Fibonacci retracement. A close beneath here is needed to turn sentiment negative and extend late-March losses back to 16.1280, ahead of the 16.0170 retracement.