Chart USD/ZAR Update: Choppy trade - background studies under pressure
Anticipated minor gains have met selling interest beneath resistance at 18.5000
| Level | Comment | Level | Comment | |||||
|---|---|---|---|---|---|---|---|---|
| R4 | 19.0000 | ** | congestion | S1 | 18.2500 | * | congestion | |
| R3 | 18.9100~ | 25 Apr (w) high | S2 | 18.1400 | ** | 76.4% ret of 2024-2025 rally | ||
| R2 | 18.7250 | * | congestion | S3 | 18.0000 | ** | congestion | |
| R1 | 18.5000 | ** | break level | S4 | 17.8000 | congestion |
Asterisk denotes strength of level
11:55 BST - Anticipated minor gains have met selling interest beneath resistance at 18.5000, as intraday studies turn down, with prices once again trading within support at the 18.1400 Fibonacci retracement and congestion around 18.2500. Oversold daily stochastics continue to unwind, suggesting room for a minor test higher. But the flat daily Tension Indicator and bearish weekly charts are expected to limit scope in renewed selling interest beneath 18.5000. In the coming sessions, consolidation is looked for, before prices turn lower once again. A close below 18.1400 will turn sentiment negative and extend April losses towards congestion around 18.0000. Beneath here is further congestion around 17.8000.