Chart USD/ZAR Update: Choppy trade - studies remain under pressure
Little change, as prices extend cautious/choppy trade above strong support at the 16.3025 current year low of 6 January
| Level | Comment | Level | Comment | |||||
|---|---|---|---|---|---|---|---|---|
| R4 | 16.7000 | break level | S1 | 16.3025 | * | 6 Jan YTD low | ||
| R3 | 16.6000 | break level | S2 | 16.1060 | ** | 11 Aug 2022 (m) low | ||
| R2 | 16.5000 | break level | S3 | 16.0000 | ** | congestion | ||
| R1 | 16.4000 | break level | S4 | 15.8800 | ** | 61.8% ret of 2021-2023 rally |
Asterisk denotes strength of level
12:15 GMT - Little change, as prices extend cautious/choppy trade above strong support at the 16.3025 current year low of 6 January. A tick higher in daily stochastics and the rising daily Tension Indicator highlights room for a test above resistance at 16.4000. But mixed/negative weekly charts should limit scope in renewed selling interest towards 16.5000. Following cautious trade, fresh losses are looked for. A later close below 16.3025 will turn sentiment negative and extend the April bear trend towards the 16.1060 monthly low of 11 August 2022 and historic congestion around 16.0000. Just lower is the 15.8800 Fibonacci retracement. But flat oversold weekly stochastics are expected to limit any initial tests of this broad 15.8800 - 16.1060 range in short-covering/consolidation.