Published: 2024-04-18T10:19:28.000Z
Chart USD/ZAR Update: Further consolidation. Daily studies under pressure
Senior Technical Strategist
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Still little change, as prices extend consolidation following the test of resistance within 19.0000 - 19.1050
Levels | Imp | Comment | Levels | Imp | Comment | |||
R4 | 19.3925 | ** | 23 Feb YTD high | S1 | 18.7500 | * | congestion | |
R3 | 19.2000 | break level | S2 | 18.5000 | ** | congestion | ||
R2 | 19.1050 | * | 28 Mar (w) high | S3 | 18.4100 | ** | 76.4% ret of Nov-Feb rally | |
R1 | 19.0000 | * | congestion | S4 | 18.2500 | ** | congestion | |
Asterisk denotes strength of level
11:05 BST - Still little change, as prices extend consolidation following the test of resistance within 19.0000 - 19.1050. Intraday studies are mixed/negative and overbought daily stochastics are flattening, suggesting potential for a minor pullback in the coming sessions. However, the rising daily Tension Indicator and mixed weekly readings are expected to limit scope in renewed consolidation above congestion support at 18.7500. Meanwhile, a close above 19.1050 would turn sentiment cautiously positive and open up resistance at 19.2000, where further profit-taking pressure is expected to appear.