Chart USD/ZAR Update: Scope for higher in the coming sessions
Anticipated gains are meeting selling interest just below congestion resistance at 18.0000
| Level | Comment | Level | Comment | |||||
|---|---|---|---|---|---|---|---|---|
| R4 | 18.5000 | ** | break level | S1 | 17.8000 | * | congestion | |
| R3 | 18.4100~ | ** | 38.2% ret of Apr-Jul fall | S2 | 17.7000 | * | congestion | |
| R2 | 18.1525 | ** | 19 Jun (m) high | S3 | 17.6000 | * | congestion | |
| R1 | 18.0000 | ** | congestion | S4 | 17.5000 | ** | congestion |
Asterisk denotes strength of level
12:35 BST - Anticipated gains are meeting selling interest just below congestion resistance at 18.0000, as overbought intraday studies flatten. Daily readings continue to strengthen and weekly charts are also turning higher, suggesting room for still further gains in the coming sessions. However, a close above the 18.1525 monthly high of 19 June is needed to confirm completion of a multi-week base above 17.5000. July gains will then target the 18.4100~ Fibonacci retracement. Meanwhile, support is raised to congestion around 17.8000. A close beneath here, if seen, will turn sentiment neutral and prompt consolidation above further congestion around 17.6000.