Chart USD/ZAR Update: Lower towards 18.0000
Little change, as prices continue to drift lower towards congestion support at 18.0000
| Level | Comment | Level | Comment | |||||
|---|---|---|---|---|---|---|---|---|
| R4 | 18.5000 | * | congestion | S1 | 18.0000 | * | congestion | |
| R3 | 18.4900 | ** | 61.8% ret of Apr-Sep fall | S2 | 17.7500 | * | congestion | |
| R2 | 18.3920 | * | 14 Nov (w) high | S3 | 17.6000 | * | congestion | |
| R1 | 18.2950 | ** | 76.4% ret of Aug-Sep fall | S4 | 17.5000 | * | break level |
Asterisk denotes strength of level
12:05 GMT - Little change, as prices continue to drift lower towards congestion support at 18.0000. Intraday studies are flat in oversold areas, suggesting any immediate tests could give way to consolidation. However, unwinding overbought daily stochastics point to room for a later break and continuation towards further congestion around 17.7500. However, the positive daily Tension Indicator and rising weekly charts could limit any initial tests in consolidation. Meanwhile, a close above resistance at the 18.2950 Fibonacci retracement would turn sentiment cautiously positive. A further close above the 18.3920 weekly high of 14 November would confirm extension of September gains towards the 18.4900 retracement and congestion around 18.5000.