Chart USD/ZAR Update: Consolidating in range
Anticipated gains have met selling interest beneath congestion resistance at 18.0000
| Level | Comment | Level | Comment | |||||
|---|---|---|---|---|---|---|---|---|
| R4 | 18.4080 | * | 38.2% ret of Apr-Jul fall | S1 | 17.8000 | * | congestion | |
| R3 | 18.3000 | * | congestion | S2 | 17.7000 | * | congestion | |
| R2 | 18.1525 | ** | 19 Jun (m) high | S3 | 17.6000 | * | congestion | |
| R1 | 18.0000 | ** | congestion | S4 | 17.5000 | * | congestion |
Asterisk denotes strength of level
11:50 BST - Anticipated gains have met selling interest beneath congestion resistance at 18.0000, as overbought intraday studies unwind, with prices currently trading around 17.8540. Overbought daily stochastics are also turning down, suggesting room for a test of congestion support at 17.8000. But the positive daily Tension Indicator and rising weekly charts are expected to prompt renewed buying interest towards here. A close below 17.8000, however, will add weight to sentiment and give way to consolidation above further congestion around 17.7000. Following choppy trade, fresh gains are looked for. Resistance remains at 18.0000. But a close above the 18.1525 monthly high of 19 June is needed to turn sentiment positive and confirm continuation of July gains, initially to congestion around 18.3000.