Chart USD/ZAR Update: Consolidating - limited tests higher
Little change, as mixed intraday studies keep near-term sentiment cautious
| Level | Comment | Level | Comment | |||||
|---|---|---|---|---|---|---|---|---|
| R4 | 18.5000 | ** | break level | S1 | 17.7800 | ** | 26 May (w) low | |
| R3 | 18.2500 | * | congestion | S2 | 17.7150 | ** | 76.4% ret of 2024-2025 rally | |
| R2 | 18.1000 | * | break level | S3 | 17.6150 | ** | 12 Dec (m) low | |
| R1 | 18.0000 | ** | congestion | S4 | 17.5000 | * | congestion |
Asterisk denotes strength of level
12:10 BST - Little change, as mixed intraday studies keep near-term sentiment cautious and extend consolidation above support at the 17.7800 weekly low of 26 May. Daily readings are rising and oversold weekly stochastics are flattening, suggesting potential for a move higher towards congestion resistance at 18.0000. A break will open up 18.1000, but the bearish weekly Tension Indicator and negative longer-term readings should limit any extension beyond here in renewed selling interest beneath 18.2500. Meanwhile, a close below the 17.7150 Fibonacci retracement is needed to turn sentiment negative and extend April losses towards the 17.6150 monthly low of 12 December.