Chart USD/ZAR Update: Choppy trade - background studies remain under pressure
Little change, as prices extend cautious/choppy trade around congestion resistance at 16.2500
| Level | Comment | Level | Comment | |||||
|---|---|---|---|---|---|---|---|---|
| R4 | 16.8000 | * | congestion | S1 | 16.1400 | ** | 17 Apr (m) low | |
| R3 | 16.6000 | * | congestion | S2 | 16.0170 | ** | 76.4% ret of Jan-Mar rally | |
| R2 | 16.4000 | congestion | S3 | 16.0000 | ** | congestion | ||
| R1 | 16.2500 | * | congestion | S4 | 15.8215 | ** | 26 Feb (w) low |
Asterisk denotes strength of level
13:05 BST - Little change, as prices extend cautious/choppy trade around congestion resistance at 16.2500. Intraday studies are rising and oversold daily stochastics are unwinding, highlighting room for a retest above here towards further congestion around 16.4000. But the negative daily Tension Indicator and bearish weekly charts should prompt renewed selling interest towards here. Following cautious trade, fresh losses are looked for. Support is at the 16.1400 monthly low of 17 April. A later close beneath here will add weight to sentiment and extend late-March losses towards the 16.0170 retracement. Meanwhile, a close above 16.4000, if seen, will help to stabilise price action and give way to consolidation beneath further congestion around 16.6000.