Chart USD/ZAR Update: Consolidating - background studies under pressure
Little change, as mixed intraday studies keep near-term sentiment cautious and extend consolidation above congestion support at 16.4000
| Level | Comment | Level | Comment | |||||
|---|---|---|---|---|---|---|---|---|
| R4 | 16.9150 | ** | 30 Apr (w) high | S1 | 16.4000 | congestion | ||
| R3 | 16.8000 | ** | congestion | S2 | 16.2500 | * | congestion | |
| R2 | 16.6630 | 8 Jun (w) high | S3 | 16.1400 | ** | 17 Apr (m) low | ||
| R1 | 16.6000 | * | congestion | S4 | 16.0170 | ** | 76.4% ret of Jan-Mar rally |
Asterisk denotes strength of level
11:50 BST - Little change, as mixed intraday studies keep near-term sentiment cautious and extend consolidation above congestion support at 16.4000. Daily readings are rising, suggesting potential for a test higher. But negative weekly charts should limit scope in renewed selling interest beneath congestion resistance at 16.6000. A close above here, however, will target congestion around 16.8000, where more significant reactions are expected to appear. Meanwhile, a close back below congestion support at 16.4000 would stabilise sentiment and prompt consolidation above 16.2500. A further close below the 16.1400 monthly low of 17 April is needed to turn sentiment negative and confirm continuation of late-March losses, initially towards the 16.0170 Fibonacci retracement.