Published: 2024-12-20T12:12:51.000Z
Chart USD/ZAR Update: Pressuring critical resistance at 18.3920
Senior Technical Strategist
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Cautious trade has given way to anticipated gains
| Level | Comment | Level | Comment | |||||
|---|---|---|---|---|---|---|---|---|
| R4 | 18.6860 | ** | 5 Aug (m) high | S1 | 18.2000 | * | congestion | |
| R3 | 18.5000 | ** | congestion | S2 | 18.0000 | * | congestion | |
| R2 | 18.4900 | ** | 61.8% ret of Apr-Sep fall | S3 | 17.7500 | * | congestion | |
| R1 | 18.3920 | ** | 14 Nov (m) high | S4 | 17.6000 | * | congestion |
Asterisk denotes strength of level
11:50 GMT - Cautious trade has given way to anticipated gains, with prices currently pressuring resistance at the 18.3920 monthly high of 14 November. Intraday studies are under pressure, highlighting potential for consolidation around here. But daily readings continue to rise, suggesting room for a later break and continuation of September gains beyond the 18.4900 Fibonacci retracement towards 18.6860. Meanwhile, support is down to congestion around 18.2000. A close beneath here, if seen, would add weight to sentiment and prompt consolidation above further congestion around 18.0000.