Published: 2026-05-07T11:54:43.000Z
Chart USD/ZAR Update: Room for lower
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Cautious trade has given way to sharp USD-driven losses
| Level | Comment | Level | Comment | |||||
|---|---|---|---|---|---|---|---|---|
| R4 | 17.0000 | * | congestion | S1 | 16.2520 | ** | 61.8% ret of Jan-Mar rally | |
| R3 | 16.8000 | * | congestion | S2 | 16.1400 | * | 17 Apr (m) low | |
| R2 | 16.6000 | break level | S3 | 16.0170 | ** | 76.4% ret of Jan-Mar rally | ||
| R1 | 16.5000 | break level | S4 | 16.0000 | ** | congestion |
Asterisk denotes strength of level
12:25 BST - Cautious trade has given way to sharp USD-driven losses, with prices falling sharply to pressure support at the 16.2520 Fibonacci retracement. Daily studies have turned down, highlighting room for a break towards the 16.1400 monthly low of 17April. But mixed weekly charts should limit any deeper losses in short-covering/consolidation above the 16.0000 - 16.0170 range. Meanwhile, resistance is lowered to 16.5000 and extends to 16.6000. This range should cap any immediate tests higher.