Published: 2024-11-14T13:06:54.000Z
Chart USD/ZAR Update: Studies continue to point higher
Senior Technical Strategist
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Minor consolidation has given way to fresh gains
| Level | Comment | Level | Comment | |||||
|---|---|---|---|---|---|---|---|---|
| R4 | 18.6860 | ** | 5 Aug (m) high | S1 | 18.0000 | * | congestion | |
| R3 | 18.5000 | * | congestion | S2 | 17.7500 | * | congestion | |
| R2 | 18.4900 | ** | 61.8% ret of Apr-Sep fall | S3 | 17.6000 | * | congestion | |
| R1 | 18.2950 | ** | 76.4% ret of Aug-Sep fall | S4 | 17.5000 | * | break level |
Asterisk denotes strength of level
12:50 GMT - Minor consolidation has given way to fresh gains, with prices currently testing levels above the 18.2950 Fibonacci retracement. Overbought daily stochastics are flattening, suggesting short-term consolidation around here. But the daily Tension Indicator is positive and broader weekly charts are rising, highlighting potential for later continuation of September gains towards the 18.4900 Fibonacci retracement and congestion around 18.5000. Meanwhile, support is raised to congestion around 18.0000. An unexpected close beneath here will add weight to sentiment and prompt a pullback towards further congestion around 17.7500.