Chart USD/ZAR Update: Consolidating - potential for a minor test higher
Little change, as prices extend cautious trade beneath resistance at the 18.3000 break level
| Level | Comment | Level | Comment | |||||
|---|---|---|---|---|---|---|---|---|
| R4 | 18.8500 | break level | S1 | 18.0465 | ** | 7 Mar (m) low | ||
| R3 | 18.7250 | * | congestion | S2 | 18.0000 | ** | congestion | |
| R2 | 18.5000 | ** | break level | S3 | 17.8700 | ** | 61.8% ret of Sep-Jan rally | |
| R1 | 18.3000 | ** | break level | S4 | 17.6150 | ** | 12 Dec (m) low |
Asterisk denotes strength of level
11:15 GMT - Little change, as prices extend cautious trade beneath resistance at the 18.3000 break level. Intraday studies have turned higher and bearish daily readings are also turning up, suggesting potential for a test of here in the coming sessions. A break, if seen, will open up 18.5000. But negative weekly charts are expected to limit any tests of here in renewed selling interest. Following corrective trade, fresh losses are looked for. A later close below support at congestion around 18.0000 and the 18.0465 monthly low of 7 March will add weight to sentiment and extend January losses towards the 17.8700 Fibonacci retracement.