Chart USD/ZAR Update: Another fresh year low
Anticipated losses have posted a fresh year low just below congestion support at 17.5000
| Level | Comment | Level | Comment | |||||
|---|---|---|---|---|---|---|---|---|
| R4 | 18.0000 | ** | congestion | S1 | 17.5000 | * | congestion | |
| R3 | 17.8500 | break level | S2 | 17.2500 | * | 7 Nov (m) low | ||
| R2 | 17.8000 | * | congestion | S3 | 17.0315 | ** | 30 Sep 2024 (y) low | |
| R1 | 17.6000 | * | congestion | S4 | 17.0000 | ** | congestion |
Asterisk denotes strength of level
12:10 BST - Anticipated losses have posted a fresh year low just below congestion support at 17.5000. Prices are currently consolidating around here, but daily readings continue to fall and broader weekly charts are coming under fresh pressure, highlighting room for still deeper losses in the coming sessions. A close below 17.5000 will add weight to sentiment and extend April losses towards the 17.2500 monthly low of 7 November. Already oversold daily stochastics could prompt fresh consolidation/short-covering towards here. Meanwhile, resistance is lowered to congestion around 17.6000. A close above here would help to stabilise price action and prompt consolidation beneath resistance within the 17.8000-17.8500 range.