Published: 2025-04-04T11:10:17.000Z
Chart USD/ZAR Update: Edging higher in choppy trade
Senior Technical Strategist
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Choppy trade above congestion support at 18.7250 is giving way to a test higher
| Level | Comment | Level | Comment | |||||
|---|---|---|---|---|---|---|---|---|
| R4 | 19.3925 | ** | February 2024 (y) high | S1 | 18.7250 | * | congestion | |
| R3 | 19.3880 | ** | April 2024 high | S2 | 18.5000 | ** | break level | |
| R2 | 19.2400 | ** | 76.4% ret of 2023-2024 fall | S3 | 18.3000 | ** | break level | |
| R1 | 19.0000 | ** | congestion | S4 | 18.0465 | ** | 7 Mar (w) low |
Asterisk denotes strength of level
11:50 BST - Choppy trade above congestion support at 18.7250 is giving way to a test higher, as intraday studies turn up, with prices currently trading just above congestion resistance at 19.0000. A tick higher in both daily and weekly charts highlights potential for a break towards strong resistance at the 19.2400 Fibonacci retracement. But a further close above the 19.3880 - 19.3925 year highs of February-April 2024 is needed to confirm a more significant rally. Meanwhile, a close back below 18.7250 would turn sentiment neutral and give way to range trade above support at 18.5000.