Chart USD/ZAR Update: Under pressure
Anticipated losses have reached support at the 16.2520 Fibonacci retracement
| Level | Comment | Level | Comment | |||||
|---|---|---|---|---|---|---|---|---|
| R4 | 16.9150 | ** | 30 Apr (w) high | S1 | 16.2520 | ** | 61.8% ret of Jan-Mar rally | |
| R3 | 16.8000 | * | congestion | S2 | 16.1400 | ** | 17 Apr (m) low | |
| R2 | 16.6000 | * | congestion | S3 | 16.0170 | ** | 76.4% ret of Jan-Mar rally | |
| R1 | 16.4000 | congestion | S4 | 16.0000 | ** | congestion |
Asterisk denotes strength of level
11:40 BST - Anticipated losses have reached support at the 16.2520 Fibonacci retracement, where unwinding oversold intraday studies are prompting a bounce into consolidation around 16.3350. Daily readings continue to track lower and broader weekly charts are deteriorating, highlighting room for further losses in the coming sessions. However, a close below the 16.1400 monthly low of 17 April is needed to turn sentiment negative and extend late-March losses towards the 16.0170 retracement. Meanwhile, resistance is lowered to congestion around 16.4000. A close above here would help to stabilise price action and give way to consolidation beneath further congestion around 16.6000.