Chart USD/ZAR Update: Consolidating - daily studies under pressure
Little change, as mixed intraday studies keep near-term sentiment cautious
Levels | Imp | Comment | Levels | Imp | Comment | |||
R4 | 19.6380 | ** | 6 Oct (m) high | S1 | 19.0000 | * | congestion | |
R3 | 19.5000 | ** | congestion | S2 | 18.7500 | * | congestion | |
R2 | 19.3925 | ** | 23 Feb YTD high | S3 | 18.5000 | ** | congestion | |
R1 | 19.2000 | break level | S4 | 18.4100 | ** | 76.4% ret of Nov-Feb rally | ||
Asterisk denotes strength of level
11:20 BST - Little change, as mixed intraday studies keep near-term sentiment cautious and prompt consolidation around congestion support at 19.0000. Overbought daily stochastics continue to unwind and the daily Tension Indicator is under pressure, suggesting a deterioration in sentiment and room for deeper losses in the coming sessions. A close below 19.0000 will add fresh weight to sentiment and extend losses towards further congestion around 18.7500. However, rising weekly charts could limit any initial tests in fresh range trade. Meanwhile, an unexpected close above 19.2000 will turn price action cautiously positive and prompt a test of strong resistance at the 19.3925 current year high of 23 February. A further close above here would confirm extension of November gains towards congestion around 19.5000.