Published: 2024-05-07T10:47:02.000Z
Chart USD/ZAR Update: Balanced within 18.4100-18.5000 - background under pressure
Senior Technical Strategist
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Still little change, as mixed intraday studies and flattening oversold daily stochastics keep near-term sentiment cautious
Levels | Imp | Comment | Levels | Imp | Comment | |||
R4 | 19.3925 | ** | 23 Feb YTD high | S1 | 18.5000 | ** | congestion | |
R3 | 19.2000 | break level | S2 | 18.4100 | ** | 76.4% ret of Nov-Feb rally | ||
R2 | 19.0000 | * | congestion | S3 | 18.2500 | * | congestion | |
R1 | 18.7500 | * | congestion | S4 | 18.1070 | ** | Nov-Dec (m) lows | |
Asterisk denotes strength of level
11:35 BST - Still little change, as mixed intraday studies and flattening oversold daily stochastics keep near-term sentiment cautious and extend consolidation within the 18.4100 - 18.5000 support area. The daily Tension Indicator continues to track lower and broader weekly charts are under pressure, highlighting a bearish tone and room for further losses in the coming sessions. A close below critical support at the 18.4100 Fibonacci retracement will add weight to sentiment and extend February losses to 18.2500. Meanwhile, resistance remains at congestion around 18.7500. A close above here, if seen, will turn sentiment neutral and prompt fresh consolidation beneath 19.0000.