Published: 2025-03-18T11:29:32.000Z
Chart USD/ZAR Update: Room for lower in the coming sessions
Senior Technical Strategist
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Consolidation has given way to the anticipated test lower
| Level | Comment | Level | Comment | |||||
|---|---|---|---|---|---|---|---|---|
| R4 | 18.8500 | break level | S1 | 18.0465 | ** | 7 Mar (m) low | ||
| R3 | 18.7250 | * | congestion | S2 | 18.0000 | ** | congestion | |
| R2 | 18.5000 | ** | break level | S3 | 17.8700 | ** | 61.8% ret of Sep-Jan rally | |
| R1 | 18.3000 | ** | break level | S4 | 17.6150 | ** | 12 Dec (m) low |
Asterisk denotes strength of level
11:05 GMT - Consolidation has given way to the anticipated test lower, with prices currently consolidating within support at congestion around 18.0000 and the 18.0465 monthly low of 7 March. Falling daily readings and bearish weekly charts highlight room for further losses in the coming sessions, with a later close beneath here adding weight to already negative price action and extend 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.