Chart USD/ZAR Update: Any fresh break below 16.4000 to remain limited
The anticipated break below congestion support has bounced from 16.3500~
| Level | Comment | Level | Comment | |||||
|---|---|---|---|---|---|---|---|---|
| R4 | 16.9150 | ** | 30 Apr (w) high | S1 | 16.4000 | congestion | ||
| R3 | 16.8000 | ** | congestion | S2 | 16.2500 | * | congestion | |
| R2 | 16.6750 | ** | 24 Jun (m) high | S3 | 16.1400 | ** | 17 Apr (m) low | |
| R1 | 16.6000 | * | congestion | S4 | 16.0170 | ** | 76.4% ret of Jan-Mar rally |
Asterisk denotes strength of level
12:15 BST - The anticipated break below congestion support has bounced from 16.3500~, as intraday studies turn higher, with prices once again trading above 16.4000. Overbought daily stochastics are unwinding and the flat daily Tension Indicator is turning down, highlighting room for a retest beneath here. However, rising weekly charts should limit scope in renewed buying interest/consolidation above further congestion around 16.2500. Following cautious/corrective trade, fresh gains are looked for. Resistance remains at congestion around 16.6000. But a close above the 16.6750 monthly high of 24 June is needed to turn sentiment positive and confirm continuation of mid-June gains, initially towards congestion around 16.8000.