Chart USD/ZAR Update: Consolidating gains - background studies rising
Still little change, as the flat daily Tension Indicator and a tick lower in daily stochastics keep sentiment cautious
| Level | Comment | Level | Comment | |||||
|---|---|---|---|---|---|---|---|---|
| R4 | 17.7800 | ** | 50% ret of 2025-2026 fall | S1 | 17.0000 | * | congestion | |
| R3 | 17.5000 | ** | break level | S2 | 16.8000 | congestion | ||
| R2 | 17.2750 | ** | 38.2% ret of 2025-2026 fall | S3 | 16.6000 | break level | ||
| R1 | 17.2000 | * | congestion highs | S4 | 16.5000 | break level |
Asterisk denotes strength of level
11:50 BST - Still little change, as the flat daily Tension Indicator and a tick lower in daily stochastics keep sentiment cautious and prompts further choppy trade beneath resistance at the 17.2000 congestion highs and the 17.2750 Fibonacci retracement. Overbought weekly stochastics are also flattening, suggesting room for a minor pullback. But the rising weekly Tension Indicator should limit any tests below congestion support at 17.0000 in renewed buying interest towards further congestion around 16.8000. Following cautious/corrective trade, fresh gains are looked for. But a close above 17.2750 is needed to improve sentiment and extend late-January gains towards resistance at the 17.5000 break level.