Chart USD/ZAR Update: Attempting to regain higher levels
The anticipated minor pullback towards congestion support at 17.5000 has not been seen
| Level | Comment | Level | Comment | |||||
|---|---|---|---|---|---|---|---|---|
| R4 | 18.1525 | ** | 19 Jun (m) high | S1 | 17.5000 | ** | congestion | |
| R3 | 18.0000 | ** | congestion | S2 | 17.4060 | ** | 25 Aug YTD low | |
| R2 | 17.8000 | * | congestion | S3 | 17.2500 | ** | 7 Nov (m) low | |
| R1 | 17.7000 | * | congestion | S4 | 17.0315 | ** | 30 Sep 2024 (y) low |
Asterisk denotes strength of level
12:20 BST - The anticipated minor pullback towards congestion support at 17.5000 has not been seen, as intraday studies turn higher once again and prompt a break back into congestion resistance within 17.7000-17.8000. Daily readings are improving and bearish weekly stochastics are flattening, suggesting potential for further gains in the coming sessions. A break above 17.8000 will improve price action and open up further congestion around 18.0000. But already overbought daily stochastics and the flat weekly Tension Indicator are expected to limit any initial tests in fresh consolidation. Meanwhile, any immediate setbacks should be limited in consolidation above 17.5000.