Chart USD/ZAR Update: Fresh year low - studies under pressure
Cautious trade is giving way to a test lower
| Level | Comment | Level | Comment | |||||
|---|---|---|---|---|---|---|---|---|
| R4 | 17.8000 | * | congestion | S1 | 17.1235 | ** | 1 Oct (w) low | |
| R3 | 17.7000 | * | congestion | S2 | 17.0315 | ** | 30 Sep 2024 (y) low | |
| R2 | 17.5000 | ** | congestion | S3 | 17.0000 | ** | congestion | |
| R1 | 17.4000 | * | break level | S4 | 16.7370 | ** | July 2023 low |
Asterisk denotes strength of level
12:30 BST - Cautious trade is giving way to a test lower, as intraday studies turn down, with prices currently posting a fresh year low below the 17.1235 weekly low of 1 October. Daily readings have turned negative and broader weekly charts are coming under pressure, highlighting room for fresh losses in the coming sessions. Focus is on critical support at the 17.0315 year low of 30 September 2024. A close beneath here would turn sentiment outright negative and confirm continuation of May 2023 losses. Meanwhile, resistance remains at 17.4000 and extends to congestion around 17.5000. This range should cap any immediate tests higher. A close above here, if seen, will improve price action and prompt fresh gains towards 17.7000 - 17.8000.