Published: 2025-03-17T11:32:56.000Z
Chart USD/ZAR Update: Consolidating - studies under pressure
Senior Technical Strategist
-
Little change, as prices extend cautious trade above support at the 18.1300 Fibonacci retracement
| Level | Comment | Level | Comment | |||||
|---|---|---|---|---|---|---|---|---|
| R4 | 18.8500 | break level | S1 | 18.1300 | * | 50% ret of Sep-Jan rally | ||
| R3 | 18.7250 | * | congestion | S2 | 18.0465 | ** | 7 Mar YTD low | |
| R2 | 18.5000 | ** | break level | S3 | 18.0000 | ** | congestion | |
| R1 | 18.3000 | ** | break level | S4 | 17.8700 | ** | 61.8% ret of Sep-Jan rally |
Asterisk denotes strength of level
11:25 GMT - Little change, as prices extend cautious trade above support at the 18.1300 Fibonacci retracement. A tick lower in intraday studies and falling daily readings highlight a developing bearish tone, and room for a break beneath here to the 18.0465 current year low of 7 March. However, broader weekly charts are also negative, pointing to potential for a further break beneath here and continuation of January losses towards the 17.8700 retracement. Meanwhile, a close back above resistance at 18.3000, if seen, will turn sentiment neutral and give way to consolidation beneath 18.5000.