Chart USD/ZAR Update: Another 2026 year low
Cautious trade has posted a fresh 2026 year low
| Level | Comment | Level | Comment | |||||
|---|---|---|---|---|---|---|---|---|
| R4 | 16.8000 | break level | S1 | 16.1060 | ** | 11 Aug 2022 (m) low | ||
| R3 | 16.7000 | break level | S2 | 16.0770 | fresh 2026 (y) low | |||
| R2 | 16.6000 | break level | S3 | 16.0000 | ** | congestion | ||
| R1 | 16.5000 | break level | S4 | 15.8800 | ** | 61.8% ret of 2021-2023 rally |
Asterisk denotes strength of level
12:20 GMT - Cautious trade has posted a fresh 2026 year low just beneath the 16.1060 monthly low of 11 August 2022 around 16.0770, before bouncing back into consolidation above 16.1060. Daily readings are falling and broader weekly charts are negative, highlighting room for still further losses in the coming sessions. A fresh break below 16.1060 will open up historic congestion around 16.0000 and the 15.8800 Fibonacci retracement. But flat oversold weekly stochastics are expected to limit any initial tests in short-covering/consolidation, before negative longer-term charts extend losses still further. Meanwhile, resistance remains at 16.5000. A close above here, if seen, will help to stabilise price action and prompt consolidation beneath 16.6000.