Published: 2025-04-16T11:23:25.000Z
Chart USD/ZAR Update: Consolidating - prices remain under pressure
Senior Technical Strategist
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The test above congestion resistance at 19.0000 has not been sustained
| Level | Comment | Level | Comment | |||||
|---|---|---|---|---|---|---|---|---|
| R4 | 19.9185 | ** | May 2023 (y) high | S1 | 18.7250 | * | congestion | |
| R3 | 19.5000 | congestion | S2 | 18.5000 | ** | break level | ||
| R2 | 19.2500 | break level | S3 | 18.2500 | * | congestion | ||
| R1 | 19.0000 | ** | congestion | S4 | 18.0000 | ** | cong, 18 Mar YTD low |
Asterisk denotes strength of level
12:00 BST - The test above congestion resistance at 19.0000 has not been sustained, as overbought intraday studies unwind, with prices settling lower to currently trade around 18.8650. Daily readings remain under pressure, highlighting room for a test of congestion support at 18.7250. But rising weekly charts are expected to limit any break in fresh buying interest towards 18.5000. Meanwhile, a close above 19.0000, if seen, would help to stabilise price action and prompt consolidation beneath the 19.2500 break level.