Chart USD/ZAR Update: Consolidating - potential for a test lower
Little change, as prices extend cautious trade around 17.3100
| Level | Comment | Level | Comment | |||||
|---|---|---|---|---|---|---|---|---|
| R4 | 17.8000 | * | congestion | S1 | 17.2000 | * | congestion | |
| R3 | 17.7000 | * | congestion | S2 | 17.0630 | * | 9 Oct YTD low | |
| R2 | 17.5000 | ** | congestion | S3 | 17.0315 | ** | 30 Sep 2024 (y) low | |
| R1 | 17.4000 | * | break level | S4 | 17.0000 | ** | congestion |
Asterisk denotes strength of level
12:35 BST - Little change, as prices extend cautious trade around 17.3100. Intraday studies are under pressure and daily stochastics are edging lower, suggesting potential for a test of congestion support at 17.2000. But the rising daily Tension Indicator and positive weekly charts should limit any deeper reactions in renewed buying interest above critical support within 17.0315 - 17.0630. Meanwhile, resistance remains at 17.4000 and extends to congestion around 17.5000. A cl;ose above here would improve sentiment and extend early-October gains towards further resistance within 17.7000 - 17.8000. However, by-then overbought daily stochastics could limit any initial tests in profit-taking/consolidation.