Chart USD/ZAR Update: Choppy above fresh year low - background studies under pressure
The anticipated minor test higher from the fresh year low around 17.2560 is meeting selling interest around congestion resistance at 17.5000
| Level | Comment | Level | Comment | |||||
|---|---|---|---|---|---|---|---|---|
| R4 | 18.0000 | ** | congestion | S1 | 17.2500 | ** | 7 Nov (m) low | |
| R3 | 17.8000 | * | congestion | S2 | 17.0315 | ** | 30 Sep 2024 (y) low | |
| R2 | 17.7000 | * | congestion | S3 | 17.0000 | ** | congestion | |
| R1 | 17.5000 | ** | congestion | S4 | 16.7370 | ** | July 2023 low |
Asterisk denotes strength of level
12:15 BST - The anticipated minor test higher from the fresh year low around 17.2560 is meeting selling interest around congestion resistance at 17.5000, as intraday studies turn down, with prices currently trading around 17.3430. Negative daily studies have turned mixed, suggesting a cautious tone and potential for further consolidation in the coming sessions, before negative weekly charts prompt fresh losses. A later break below the 17.2500 monthly low of 7 November will add weight to sentiment and initially open up critical support at the 17.0315 year low of 30 September. Meanwhile, a close above 17.5000, if seen, will help to stabilise price action and prompt consolidation beneath further congestion within 17.7000-17.8000.