Chart USD/ZAR Update: Choppy in range - background studies remain under pressure
The anticipated retest above congestion resistance at 16.2500 has been pushed back from beneath 16.4000
| Level | Comment | Level | Comment | |||||
|---|---|---|---|---|---|---|---|---|
| R4 | 16.8000 | * | congestion | S1 | 16.1400 | ** | 17 Apr (m) low | |
| R3 | 16.6000 | * | congestion | S2 | 16.0170 | ** | 76.4% ret of Jan-Mar rally | |
| R2 | 16.4000 | congestion | S3 | 16.0000 | ** | congestion | ||
| R1 | 16.2500 | * | congestion | S4 | 15.8215 | ** | 26 Feb (w) low |
Asterisk denotes strength of level
12:40 BST - The anticipated retest above congestion resistance at 16.2500 has been pushed back from beneath 16.4000, as intraday studies turn down, with prices currently trading around 16.2250. Daily studies are mixed, suggesting potential for further consolidation. But broader weekly charts are under pressure, pointing to room for fresh losses in the coming sessions. Support is at the 16.1400 monthly low of 17 April. A later close beneath here will add weight to sentiment and extend late-March losses towards the 16.0170 retracement. Meanwhile, a close above 16.4000, if seen, will help to stabilise price action and give way to consolidation beneath further congestion around 16.6000.