Chart USD/ZAR Update: Cautious trade - daily studies improving
Little change, as mixed/negative intraday studies keep near-term sentiment cautious and extend consolidation beneath congestion resistance at 16.4000
| Level | Comment | Level | Comment | |||||
|---|---|---|---|---|---|---|---|---|
| R4 | 16.8000 | ** | congestion | S1 | 16.2500 | * | congestion | |
| R3 | 16.6750 | ** | 24 Jun (m) high | S2 | 16.1400 | ** | 17 Apr (m) low | |
| R2 | 16.6000 | * | congestion | S3 | 16.0170 | ** | 76.4% ret of Jan-Mar rally | |
| R1 | 16.4000 | congestion | S4 | 16.0000 | ** | congestion |
Asterisk denotes strength of level
11:50 BST - Little change, as mixed/negative intraday studies keep near-term sentiment cautious and extend consolidation beneath congestion resistance at 16.4000. Daily stochastics and rising and the flat daily Tension Indicator is showing signs of improvement, suggesting room for a retest above here. Focus will then turn to resistance at congestion around 16.6000, but mixed weekly charts charts should limit any tests in fresh consolidation. (A close above the 16.6750 monthly high of 24 June is needed to turn sentiment positive and extend gains towards congestion around 16.8000.) Meanwhile, support remains at congestion around 16.2500. However, a close below the 16.1400 monthly low of 17 April is needed to turn sentiment negative and extend March losses towards the 16.0000 -16.0170 range.