Published: 2024-04-30T11:01:14.000Z
Chart USD/ZAR Update: Lower towards 18.4100 - 18.5000
Senior Technical Strategist
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Anticipated losses have broken below 18.7500 to reach 18.5800
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
11:40 BST - Anticipated losses have broken below 18.7500 to reach 18.5800, where unwinding oversold intraday studies are prompting short-term reactions. Daily readings continue to track lower and broader weekly charts are also under pressure, highlighting room for still further losses in the coming sessions. Focus is expected to remain on strong support within the 18.4100 Fibonacci retracement and congestion around 18.5000, where already oversold daily stochastics could prompt short-covering/consolidation. Meanwhile, resistance is lowered to congestion around 18.7500. A close above here, if seen, will turn sentiment neutral and prompt consolidation beneath 19.0000.