Published: 2025-04-25T12:08:18.000Z
Chart USD/ZAR Update: Further gains to remain limited
Senior Technical Strategist
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The anticipated break above 18.7250 has reached 18.9100~
| Level | Comment | Level | Comment | |||||
|---|---|---|---|---|---|---|---|---|
| R4 | 19.9295 | ** | 9 Apr all-time high | S1 | 18.7250 | * | congestion | |
| R3 | 19.5000 | congestion | S2 | 18.5000 | ** | break level | ||
| R2 | 19.2500 | break level | S3 | 18.4800 | ** | 61.8% ret of 2024-2025 rally | ||
| R1 | 19.0000 | ** | congestion | S4 | 18.2500 | * | congestion |
Asterisk denotes strength of level
12:30 BST - The anticipated break above 18.7250 has reached 18.9100~, where unwinding overbought intraday studies are prompting a minor pullback into consolidation above 18.7250. Oversold daily stochastics are rising and the bearish daily Tension Indicator is flattening, suggesting room for a fresh test higher. But mixed/negative weekly charts are expected to limit scope in renewed selling interest towards resistance at the 19.2500 break level. Meanwhile, any immediate tests below 18.7250 should give way to consolidation above strong support at the 18.4800 Fibonacci retracement and the 18.5000 break level.