Published: 2025-01-10T12:13:45.000Z
Chart USD/ZAR Update: Room for further gains in the coming sessions
Senior Technical Strategist
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Little change, as cautious trade extends pressure on congestion resistance at 19.0000
| Level | Comment | Level | Comment | |||||
|---|---|---|---|---|---|---|---|---|
| R4 | 19.4430 | mid-Oct 2023 (w) high | S1 | 18.8500 | break level | |||
| R3 | 19.3880 | ** | 19 Apr 2024 (m) high | S2 | 18.7250 | congestion | ||
| R2 | 19.2400 | ** | 76.4% ret of 2023-2024 fall | S3 | 18.6000 | * | break level | |
| R1 | 19.0000 | ** | congestion | S4 | 18.5000 | ** | congestion |
Asterisk denotes strength of level
11:55 GMT - Little change, as cautious trade extends pressure on congestion resistance at 19.0000. Daily readings are edging higher and the weekly Tension Indicator is rising, highlighting room for a later break above here and continuation of September gains. Next resistance is at the 19.2400 Fibonacci retracement, but already overbought weekly stochastics could limit any initial tests in renewed consolidation. Meanwhile, support is raised to 18.8500 and extends to congestion around 18.7250. This area should underpin any immediate setbacks.