Published: 2025-03-24T11:09:13.000Z
Chart USD/ZAR Update: Further consolidation - studies under pressure
Senior Technical Strategist
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Little change, as prices extend cautious trade above support at the 18.0465 monthly low of 7 March
| 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 - Little change, as prices extend cautious trade above support at the 18.0465 monthly low of 7 March. Intraday studies have turned lower, suggesting potential for drift down towards here. But rising daily readings are expected to limit any initial tests in further consolidation. Broader weekly charts are under pressure, but a close beneath here is needed to add weight to sentiment and extend January losses below congestion around 18.0000 towards the 17.8700 Fibonacci retracement. Meanwhile, resistance remains at the 18.3000 break level and is expected to cap any immediate tests higher.