Published: 2024-12-11T12:24:37.000Z
Chart USD/ZAR Update: Cautious trade - studies leaning lower
Senior Technical Strategist
1
No significant change, as prices extend consolidation above congestion support at 17.7500
| Level | Comment | Level | Comment | |||||
|---|---|---|---|---|---|---|---|---|
| R4 | 18.3920 | * | 14 Nov (w) high | S1 | 17.7500 | * | congestion | |
| R3 | 18.2950 | ** | 76.4% ret of Aug-Sep fall | S2 | 17.6000 | * | congestion | |
| R2 | 18.2000 | congestion | S3 | 17.5000 | * | congestion | ||
| R1 | 18.0000 | * | congestion | S4 | 17.2500 | ** | 7-8 Nov (m) low |
Asterisk denotes strength of level
11:55 GMT - No significant change, as prices extend consolidation above congestion support at 17.7500. Intraday studies are rising and oversold daily stochastics are flat, suggesting potential for a minor bounce. But the bearish daily Tension Indicator and deteriorating weekly charts should prompt renewed selling interest towards congestion around 18.0000. Following corrective trade, fresh losses are looked for. A later close below 17.7500 will add weight to sentiment and extend November losses towards congestion support within the 17.5000 - 17.6000 area.