Chart USD/ZAR Update: Poised to extend April losses
The anticipated break below 17.5000 is giving way to consolidation above critical support at the 17.4060 current year low of 25 August
| Level | Comment | Level | Comment | |||||
|---|---|---|---|---|---|---|---|---|
| R4 | 18.0000 | ** | congestion | S1 | 17.4060 | ** | 25 Aug YTD low | |
| R3 | 17.8000 | * | congestion | S2 | 17.2500 | ** | 7 Nov (m) low | |
| R2 | 17.7000 | * | congestion | S3 | 17.0315 | ** | 30 Sep 2024 (y) low | |
| R1 | 17.5000 | ** | congestion | S4 | 17.0000 | * | historic congestion |
Asterisk denotes strength of level
12:00 BST - The anticipated break below 17.5000 is giving way to consolidation above critical support at the 17.4060 current year low of 25 August, as oversold intraday studies unwind. Daily readings continue to track lower, highlighting room for a later break below 17.4060 and continuation of April losses towards critical multi-month support at the 17.0315 year low of 30 September 2024. However, mixed weekly charts are expected to limit any initial tests in consolidation, before bearish longer-term charts prompt a break. Meanwhile, a close back above congestion resistance at 17.5000 will help to stabilise price action and prompt consolidation beneath further congestion within 17.7000-17.8000.