Published: 2025-03-06T12:12:08.000Z
Chart USD/ZAR Update: Pressuring strong support at 18.2960
Senior Technical Strategist
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The anticipated test of strong support at the 18.2960 monthly low of 24 January has met buying interest around 18.2630
| Level | Comment | Level | Comment | |||||
|---|---|---|---|---|---|---|---|---|
| R4 | 19.0000 | ** | congestion | S1 | 18.2960 | * | 24 Jan (m) low | |
| R3 | 18.8500 | break level | S2 | 18.1300 | * | 50% ret of Sep-Jan rally | ||
| R2 | 18.7250 | * | congestion | S3 | 18.0000 | ** | congestion | |
| R1 | 18.5000 | ** | break level | S4 | 17.8700 | ** | 61.8% ret of Sep-Jan rally |
Asterisk denotes strength of level
12:00 GMT - The anticipated test of strong support at the 18.2960 monthly low of 24 January has met buying interest around 18.2630, as oversold intraday studies unwind, with prices once again trading above 18.2960. Daily readings continue to track lower, however, highlighting room for a fresh break beneath here and extension of January losses towards the 18.1300 Fibonacci retracement. Mixed weekly charts could limit any initial tests in consolidation. Meanwhile, a close back above resistance at 18.5000 would turn sentiment neutral and prompt consolidation beneath congestion around 18.7250.