Published: 2024-04-23T11:28:05.000Z
Chart USD/ZAR Update: Edging higher
Senior Technical Strategist
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Consolidation above 19.0000 has given way to a test of 19.2000
Levels | Imp | Comment | Levels | Imp | Comment | |||
R4 | 19.9185 | ** | 1 Jun 2023 (y) high | S1 | 19.2000 | break level | ||
R3 | 19.6380 | ** | 6 Oct (m) high | S2 | 19.0000 | * | congestion | |
R2 | 19.5000 | ** | congestion | S3 | 18.7500 | * | congestion | |
R1 | 19.3925 | ** | 23 Feb YTD high | S4 | 18.5000 | ** | congestion | |
Asterisk denotes strength of level
11:40 BST - Consolidation above 19.0000 has given way to a test of 19.2000, with rising intraday studies suggesting potential for further strength in the coming sessions. However, unwinding overbought daily stochastics are expected to limit initial scope in further consolidation beneath strong resistance at the 19.3925 current year high of 23 February. The daily Tension Indicator is positive and broader weekly charts are rising, pointing to room for a later break above here and extension of November gains towards congestion around 19.5000. Meanwhile, support is down to congestion around 19.0000 and should underpin any immediate setbacks.