Published: 2025-07-01T11:25:13.000Z
Chart USD/ZAR Update: Fresh year lows
Senior Technical Strategist
1
Choppy trade has given way to anticipated losses
| Level | Comment | Level | Comment | |||||
|---|---|---|---|---|---|---|---|---|
| R4 | 18.1000 | * | break level | S1 | 17.6150 | ** | 12 Dec (m) low | |
| R3 | 18.0000 | ** | congestion | S2 | 17.5000 | * | congestion | |
| R2 | 17.8500 | break level | S3 | 17.2500 | * | 7 Nov (m) low | ||
| R1 | 17.8000 | * | congestion | S4 | 17.0315 | ** | 30 Sep 2024 (y) low |
Asterisk denotes strength of level
12:05 BST - Choppy trade has given way to anticipated losses, as intraday studies turn down, with prices posting fresh year lows beneath the 17.6150 monthly low of 12 December. Daily readings are bearish and weekly charts are also under pressure, highlighting room for continuation of April losses towards congestion around 17.5000. A break will open up the 17.2500 monthly low of 7 November, where already oversold daily stochastics could prompt fresh consolidation. Meanwhile, resistance is lowered to congestion around 17.8000 and extends to 17.8500. This range should cap any immediate tests higher.