Chart USD/ZAR Update: Consolidating - studies leaning lower
Little change, as prices extend consolidation around support at congestion around 17.6000 and the 17.5000 break level
| Level | Comment | Level | Comment | |||||
|---|---|---|---|---|---|---|---|---|
| R4 | 18.1000 | break level | S1 | 17.6000 | * | minor congestion | ||
| R3 | 18.0550 | ** | 61.8% ret of Aug-Sep fall | S2 | 17.5000 | * | break level | |
| R2 | 18.0000 | * | congestion | S3 | 17.3500 | intraday break level | ||
| R1 | 17.8600 | ** | 50% ret of Aug-Sep fall | S4 | 17.2000 | intraday pivot |
Asterisk denotes strength of level
11:35 BST - Little change, as prices extend consolidation around support at congestion around 17.6000 and the 17.5000 break level. Daily stochastics are tracking lower, unwinding negative divergence, and the daily Tension Indicator is also turning down, highlighting room for a break beneath here. Focus will then turn to 17.3500, where rising weekly charts should prompt renewed buying interest. Meanwhile, resistance remains at the 17.8600 Fibonacci retracement. A close above here, not yet seen, will turn sentiment positive and extend September gains towards resistance within the 18.0000 - 18.0550 area.