Chart USD/ZAR Update: Under pressure
Consolidation above 17.2000 has given way to the anticipated break
| Level | Comment | Level | Comment | |||||
|---|---|---|---|---|---|---|---|---|
| R4 | 17.5775 | 5 Nov (w) high | S1 | 17.0315 | ** | 30 Sep 2024 (y) low | ||
| R3 | 17.5000 | ** | congestion | S2 | 17.0000 | ** | congestion | |
| R2 | 17.4000 | * | congestion | S3 | 16.9495 | ** | 13 Nov YTD low | |
| R1 | 17.2000 | * | congestion | S4 | 16.9280 | ** | February 2023 low |
Asterisk denotes strength of level
12:20 GMT - Consolidation above 17.2000 has given way to the anticipated break, as intraday studies remain under pressure, with prices currently trading around 17.1580. Daily readings are turning down, highlighting room for continuation down to critical support within 16.9280 - 17.0315. But mixed/positive weekly charts are expected to limit any initial tests in consolidation. A close beneath here, however, will turn sentiment negative and extend April losses towards the 16.6900~ year low of January 2023. Meanwhile, a close back above congestion resistance at 17.2000 would help to stabilise price action and prompt consolidation beneath congestion within 17.4000 - 17.5000.