Chart USD/ZAR Update: Consolidating - background studies under pressure
Little change, as prices extend cautious trade
| Level | Comment | Level | Comment | |||||
|---|---|---|---|---|---|---|---|---|
| R4 | 18.0000 | ** | congestion | S1 | 17.2500 | ** | 7 Nov (m) low | |
| R3 | 17.8000 | * | congestion | S2 | 17.0315 | ** | 30 Sep 2024 (y) low | |
| R2 | 17.7000 | * | congestion | S3 | 17.0000 | ** | congestion | |
| R1 | 17.5000 | ** | congestion | S4 | 16.7370 | ** | July 2023 low |
Asterisk denotes strength of level
12:35 BST - Little change, as prices extend cautious trade. Oversold daily stochastics are unwinding and the negative daily Tension Indicator is flattening, suggesting room for a test higher. But negative weekly charts should limit scope in renewed selling interest towards congestion resistance at 17.5000. Following cautious trade, fresh losses are looked for. A later break below support at the 17.2500 monthly low of 7 November will add weight to sentiment and initially open up critical support at the 17.0315 year low of 30 September. Meanwhile, a close above 17.5000, if seen, will help to stabilise price action and prompt consolidation beneath further congestion within 17.7000-17.8000.