Published: 2025-07-15T11:15:45.000Z
Chart USD/ZAR Update: Further losses to remain limited
Senior Technical Strategist
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The anticipated test of congestion support is giving way to short-term consolidation
| Level | Comment | Level | Comment | |||||
|---|---|---|---|---|---|---|---|---|
| R4 | 18.4080 | * | 38.2% ret of Apr-Jul fall | S1 | 17.8000 | * | congestion | |
| R3 | 18.3000 | * | congestion | S2 | 17.7000 | * | congestion | |
| R2 | 18.1525 | ** | 19 Jun (m) high | S3 | 17.6000 | * | congestion | |
| R1 | 18.0000 | ** | congestion | S4 | 17.5000 | * | congestion |
Asterisk denotes strength of level
11:50 BST - The anticipated test of congestion support is giving way to short-term consolidation. Intraday studies are tracking lower, suggesting room for a break down to further congestion around 17.7000. However, rising daily readings and improving weekly charts should limit any deeper losses in renewed buying interest/consolidation towards 17.6000. Meanwhile, resistance remains up to congestion around 18.0000 and should cap any immediate tests higher.