Chart USD/ZAR Update: Consolidating - daily studies continue to track lower
Little change, as prices extend consolidation above congestion support at 18.7250
| Level | Comment | Level | Comment | |||||
|---|---|---|---|---|---|---|---|---|
| R4 | 19.9185 | ** | May 2023 (y) high | S1 | 18.7250 | * | congestion | |
| R3 | 19.5000 | congestion | S2 | 18.5000 | ** | break level | ||
| R2 | 19.2500 | break level | S3 | 18.2500 | * | congestion | ||
| R1 | 19.0000 | ** | congestion | S4 | 18.0000 | ** | cong, 18 Mar YTD low |
Asterisk denotes strength of level
12:15 BST - Little change, as prices extend consolidation above congestion support at 18.7250. Rising intraday studies highlight potential for a minor bounce. But negative daily readings shouold limit scope in renewed selling interest towards congestion resistance at 19.0000. In the coming sessions, further losses are looked for. A break below 18.7250 will open up support at 18.5000. But mixed/positive weekly charts and improving longer-term studies are expected to prompt renewed buying interest towards here. Meanwhile, a close back above 19.0000, if seen, would help to stabilise price action and prompt consolidation beneath 19.2500.