Published: 2024-05-01T11:24:31.000Z
Chart USD/ZAR Update: Focus remains on 18.4100 - 18.5000
Senior Technical Strategist
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The test above congestion resistance at 18.7500 has not been sustained
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
12:05 BST - The test above congestion resistance at 18.7500 has not been sustained, as overbought intraday studies unwind, with prices trading back below here. Daily readings are also under pressure, highlighting room for fresh losses in the coming sessions. Focus is on congestion support at 18.5000, with a break opening up critical support at the 18.4100 Fibonacci retracement. However, already oversold daily stochastics could limit any initial tests in fresh consolidation, before deteriorating weekly charts prompt a break. Meanwhile, a close above 18.7500 will turn sentiment neutral and prompt consolidation beneath 19.0000.