Chart USD/ZAR Update: Pressuring critical support
Consolidation is giving way to fresh selling interest
| Level | Comment | Level | Comment | |||||
|---|---|---|---|---|---|---|---|---|
| R4 | 17.5775 | 5 Nov (w) high | S1 | 17.0000 | ** | congestion | ||
| R3 | 17.5000 | ** | congestion | S2 | 16.9495 | ** | 13 Nov YTD low | |
| R2 | 17.4000 | * | congestion | S3 | 16.9280 | ** | February 2023 low | |
| R1 | 17.2000 | * | congestion | S4 | 16.6900 | ** | January 2023 (y) low |
Asterisk denotes strength of level
12:20 GMT - Consolidation is giving way to fresh selling interest, with prices currently pressuring critical support within 16.9280 - 17.0000. Daily readings are under pressure and the weekly Tension Indicator is turning down, highlighting room for a later break beneath here. A close below the 16.9280 low of February 2023 will add weight to sentiment and extend April losses towards the 16.6900 year low of January 2023 and the 16.6500 Fibonacci retracement. Rising weekly stochastics are expected to limit any initial tests of here in consolidation. Meanwhile, resistance remains at congestion around 17.2000. A close above here would help to stabilise price action and prompt consolidation beneath congestion within 17.4000 - 17.5000.