Published: 2025-01-16T11:59:10.000Z
Chart USD/ZAR Update: Gains to remain limited
Senior Technical Strategist
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The anticipated break below 18.8500 has reached congestion support at 18.7250
| Level | Comment | Level | Comment | |||||
|---|---|---|---|---|---|---|---|---|
| R4 | 19.3880 | ** | 19 Apr 2024 (m) high | S1 | 18.7250 | congestion | ||
| R3 | 19.2400 | ** | 76.4% ret of 2023-2024 fall | S2 | 18.6000 | * | break level | |
| R2 | 19.0000 | ** | congestion | S3 | 18.5000 | ** | break level | |
| R1 | 18.8500 | break level | S4 | 18.3900 | ** | 38.2% ret of Sep-Jan rally |
Asterisk denotes strength of level
11:55 GMT - The anticipated break below 18.8500 has reached congestion support at 18.7250, where unwinding oversold intraday studies have prompted a bounce back to 18.8500. A test above here is unfolding, but negative daily readings are expected to limit scope in renewed selling interest beneath congestion resistance at 19.0000. Following cautious trade, fresh losses are looked for. A later break below 18.7250 will add weight to sentiment and put focus on 18.6000. Beneath here is 18.5000, but by-then oversold daily stochastics could limit any initial tests in short-covering/consolidation.