Chart USD/ZAR Update: Focus on the 18.1400 Fibonacci retracement
Anticipated selling interest has reached congestion support at 18.2500
| Level | Comment | Level | Comment | |||||
|---|---|---|---|---|---|---|---|---|
| R4 | 19.0000 | ** | congestion | S1 | 18.2500 | * | congestion | |
| R3 | 18.9100~ | 25 Apr (w) high | S2 | 18.1400 | ** | 76.4% ret of 2024-2025 rally | ||
| R2 | 18.7250 | * | congestion | S3 | 18.0000 | ** | congestion | |
| R1 | 18.5000 | ** | break level | S4 | 17.8000 | congestion |
Asterisk denotes strength of level
11:25 BST - Anticipated selling interest has reached congestion support at 18.2500, where unwinding oversold intraday studies are prompting short-term consolidation. Daily readings are under pressure and broader weekly charts continue to fall, highlighting a bearish tone and room for further losses in the coming sessions. A break below 18.2500 will add weight to already bearish price action and extend April losses towards the 18.1400 Fibonacci retracement. But already oversold daily stochastics could limit any initial tests in short-covering/consolidation, before downside tests resume. Meanwhile, resistance remains at 18.5000. A close back above here, if seen, will help to stabilise price action and prompt renewed consolidation beneath 18.7250.