Chart USD/ZAR Update: Choppy above support - studies under pressure
Little change, as prices extend cautious/choppy trade just below 16.4000
| 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 just below 16.4000. Oversold intraday studies are rising, suggesting room for a test back above here. But deteriorating daily readings and negative weekly charts are expected to limit scope in renewed selling interest towards 16.5000. Following cautious trade, fresh losses are looked for. However, a close below strong support at the 16.3025 current year low of 6 January is needed to 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.