Chart USD/ZAR Update: Lower in range
The pullback from congestion resistance at 16.2000 has tested below congestion support at 16.0000 to reach 15.9500
| Level | Comment | Level | Comment | |||||
|---|---|---|---|---|---|---|---|---|
| R4 | 16.6000 | break level | S1 | 16.0000 | ** | congestion | ||
| R3 | 16.5000 | break level | S2 | 15.8035 | * | 12 Feb (w) low | ||
| R2 | 16.4275 | * | 6 Feb (w) high | S3 | 15.6370 | ** | 29 Jan YTD low | |
| R1 | 16.2000 | minor congestion | S4 | 15.1665 | * | June 2022 low |
Asterisk denotes strength of level
11:50 GMT - The pullback from congestion resistance at 16.2000 has tested below congestion support at 16.0000 to reach 15.9500, where a tick higher in oversold intraday studies is prompting a bounce back above 16.0000. Overbought daily stochastics are unwinding and the rising daily Tension Indicator is showing early signs of turning down, suggesting potential for a fresh test below 16.0000. Focus will then turn to the 15.8035 weekly low of 12 February. But rising oversold weekly stochastics should limit any initial tests in consolidation. Meanwhile, resistance remains at 16.2000 and should cap any immediate tests higher.