Chart USD/ZAR Update: Gains to remain limited
Cautious trade around congestion support at 17.5000 is giving way to a test higher
| Level | Comment | Level | Comment | |||||
|---|---|---|---|---|---|---|---|---|
| R4 | 18.0000 | ** | congestion | S1 | 17.5000 | ** | congestion | |
| R3 | 17.8000 | * | congestion | S2 | 17.2500 | ** | 7 Nov (m) low | |
| R2 | 17.7000 | * | congestion | S3 | 17.0315 | ** | 30 Sep 2024 (y) low | |
| R1 | 17.6000 | * | congestion | S4 | 17.0000 | * | congestion |
Asterisk denotes strength of level
12:20 BST - Cautious trade around congestion support at 17.5000 is giving way to a test higher, as intraday studies rise, with prices currently pressuring congestion resistance at 17.6000. A break will open up further congestion around 17.7000. But negative daily readings and mixed/negative weekly charts should limit any tests in renewed selling interest. Following cautious trade, fresh losses are looked for. A later close below 17.5000 will add weight to sentiment and post fresh year lows, as April losses extend towards the 17.2500 monthly low of 7 November. Meanwhile, a close above 17.7000, if seen, will help to stabilise price action and prompt consolidation around further congestion at 17.8000.