Chart USD/ZAR Update: Consolidating test below 18.0000 - daily studies under pressure
The anticipated break below 18.0000 has bounced from 17.9000~
| Level | Comment | Level | Comment | |||||
|---|---|---|---|---|---|---|---|---|
| R4 | 18.4900 | ** | 61.8% ret of Apr-Sep fall | S1 | 18.0000 | * | congestion | |
| R3 | 18.3920 | * | 14 Nov (w) high | S2 | 17.7500 | * | congestion | |
| R2 | 18.2950 | ** | 76.4% ret of Aug-Sep fall | S3 | 17.6000 | * | congestion | |
| R1 | 18.2000 | congestion | S4 | 17.5000 | * | break level |
Asterisk denotes strength of level
12:20 GMT - The anticipated break below 18.0000 has bounced from 17.9000~, as oversold intraday studies unwind, with prices once again trading above 18.0000. Daily stochastics continue to track lower and the positive daily Tension Indicator is flattening, suggesting a deterioration in sentiment and room for fresh tests lower in the coming sessions. A break back below 18.0000 will open up congestion around 17.7500. However, rising weekly charts could limit any initial tests in consolidation. Meanwhile, resistance is at congestion around 18.2000 and extends to the 18.2950 Fibonacci retracement. A close above here, not yet seen, would turn sentiment cautiously positive. A further close above the 18.3920 weekly high of 14 November would confirm extension of September gains towards the 18.4900 retracement and congestion around 18.5000.