Chart USD/ZAR Update: Balanced above fresh year low - studies under pressure
Little change, as prices extend consolidation above support at the 17.1235 current year low of 1 October
| Level | Comment | Level | Comment | |||||
|---|---|---|---|---|---|---|---|---|
| R4 | 17.8000 | * | congestion | S1 | 17.1235 | ** | 1 Oct YTD low | |
| R3 | 17.7000 | * | congestion | S2 | 17.0315 | ** | 30 Sep 2024 (y) low | |
| R2 | 17.5000 | ** | congestion | S3 | 17.0000 | ** | congestion | |
| R1 | 17.4000 | * | break level | S4 | 16.7370 | ** | July 2023 low |
Asterisk denotes strength of level
11:40 BST - Little change, as prices extend consolidation above support at the 17.1235 current year low of 1 October. Daily readings have turned down and broader weekly charts are coming under pressure, highlighting room for fresh losses in the coming sessions. A later break below 17.1235 will open up critical support at the 17.0315 year low of 30 September 2024. A close beneath here would turn sentiment outright negative and confirm continuation of May 2023 losses. Meanwhile, resistance remains at 17.4000 and extends to congestion around 17.5000. This range should cap any immediate tests higher. A close above here, if seen, will improve price action and prompt fresh gains towards 17.7000 - 17.8000.