Published: 2024-12-10T11:54:34.000Z
Chart USD/ZAR Update: Limited tests higher
Senior Technical Strategist
1
The anticipated test of congestion support at 17.7500 is giving way to a minor bounce
| Level | Comment | Level | Comment | |||||
|---|---|---|---|---|---|---|---|---|
| R4 | 18.3920 | * | 14 Nov (w) high | S1 | 17.7500 | * | congestion | |
| R3 | 18.2950 | ** | 76.4% ret of Aug-Sep fall | S2 | 17.6000 | * | congestion | |
| R2 | 18.2000 | congestion | S3 | 17.5000 | * | congestion | ||
| R1 | 18.0000 | * | congestion | S4 | 17.2500 | ** | 7-8 Nov (m) low |
Asterisk denotes strength of level
11:40 GMT - The anticipated test of congestion support at 17.7500 is giving way to a minor bounce, as oversold intraday studies unwind and oversold daily stochastics flatten, with prices currently trading around 17.8500. A retest of congestion resistance at 18.0000 cannot be ruled out, but the bearish daily Tension Indicator and deteriorating weekly charts should limit any break in renewed selling interest beneath 18.2000. Following corrective trade, fresh losses are looked for. A later close below 17.7500 will add weight to sentiment and extend November losses towards congestion support within the 17.5000 - 17.6000 area.