Published: 2024-05-09T11:06:56.000Z
Chart USD/ZAR Update: Consolidating - potential for a later break below the 18.4100 Fibonacci retracement
Senior Technical Strategist
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Little change, as prices extend consolidation above congestion support at 18.5000
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
11:55 BST - Little change, as prices extend consolidation above congestion support at 18.5000. Intraday studies are under pressure, highlighting room for a break beneath here to critical support at the 18.4100 Fibonacci retracement. However, mixed daily readings could limit any immediate tests in fresh range trade, before negative weekly charts prompt a break and extend February losses to 18.2500. meanwhile, resistance remains at congestion around 18.7500 and should cap any fresh tests higher.