Chart USD/ZAR Update: Extending losses
Choppy trade beneath congestion resistance at 17.4000 has given way to the anticipated pullback
| Level | Comment | Level | Comment | |||||
|---|---|---|---|---|---|---|---|---|
| R4 | 17.8000 | break level | S1 | 17.2000 | * | congestion | ||
| R3 | 17.5625 | ** | 38.2% ret of Aug-Oct fall | S2 | 17.0630 | * | 9 Oct YTD low | |
| R2 | 17.5000 | ** | congestion | S3 | 17.0315 | ** | 30 Sep 2024 (y) low | |
| R1 | 17.4000 | * | congestion | S4 | 17.0000 | ** | congestion |
Asterisk denotes strength of level
12:00 GMT - Choppy trade beneath congestion resistance at 17.4000 has given way to the anticipated pullback, as intraday studies turn down, with prices currently trading just below congestion support at 17.2000. Daily readings are under pressure, highlighting room for continuation down to critical support at the 17.0630 current year low of 9 October and the 17.0315 year low of 30 September 2024. But mixed weekly charts should limit any initial tests of this range in further consolidation, before bearish longer-term readings prompt a break. A close beneath here will add weight to sentiment and confirm continuation of May 2023 losses. Meanwhile, resistance remains at congestion around 17.4000 and extends to 17.5000. This range should cap any immediate tests higher.