Chart USD/ZAR Update: Consolidating - studies improving
Consolidation just below congestion resistance at 18.0000 is giving way to a minor pullback
| Level | Comment | Level | Comment | |||||
|---|---|---|---|---|---|---|---|---|
| R4 | 18.5000 | ** | break level | S1 | 17.8000 | * | congestion | |
| R3 | 18.4100~ | ** | 38.2% ret of Apr-Jul fall | S2 | 17.7000 | * | congestion | |
| R2 | 18.1525 | ** | 19 Jun (m) high | S3 | 17.6000 | * | congestion | |
| R1 | 18.0000 | ** | congestion | S4 | 17.5000 | ** | congestion |
Asterisk denotes strength of level
12:15 BST - Consolidation just below congestion resistance at 18.0000 is giving way to a minor pullback, with prices currently balanced around 17.8650. Mixed/negative intraday studies highlight potential for a test of congestion support at 17.8000. But rising daily and weekly charts should prompt renewed buying interest around here. Following cautious trade, fresh gains are looked for. Resistance remains at congestion around 18.0000 and extends to the 18.1525 monthly high of 19 June. A close above here is needed to confirm completion of a multi-week base above 17.5000. July gains will then target the 18.4100~ Fibonacci retracement. Meanwhile, a close below 17.8000, if seen, will turn sentiment neutral and prompt consolidation above further congestion around 17.6000.