Chart USD/ZAR Update: Consolidating - studies leaning lower
Little change, as mixed intraday studies keep near-term sentiment cautious
| Level | Comment | Level | Comment | |||||
|---|---|---|---|---|---|---|---|---|
| R4 | 18.3000 | * | congestion | S1 | 17.7000 | * | congestion | |
| R3 | 18.1525 | ** | 19 Jun (m) high | S2 | 17.6000 | * | congestion | |
| R2 | 18.0000 | ** | congestion | S3 | 17.5000 | * | congestion | |
| R1 | 17.8000 | * | congestion | S4 | 17.2500 | ** | 7 Nov (m) low |
Asterisk denotes strength of level
11:45 BST - Little change, as mixed intraday studies keep near-term sentiment cautious and extend consolidation around congestion support at 17.7000. Daily stochastics are falling and the daily Tension Indicator has turned negative, highlighting room for further losses towards 17.6000. However, improving weekly charts should limit any deeper reactions in consolidation/buying interest at strong support around congestion at 17.5000. A break, if seen, would turn sentiment negative and extend April losses towards 17.2500. Meanwhile, resistance remains at congestion around 17.8000. A close above here, not yet seen, would help to stabilise price action once again and prompt consolidation beneath 18.0000.