Published: 2025-05-16T11:34:28.000Z
Chart USD/ZAR Update: Room for still lower
Senior Technical Strategist
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April losses have reached congestion support at 18.0000
| Level | Comment | Level | Comment | |||||
|---|---|---|---|---|---|---|---|---|
| R4 | 18.9100~ | 25 Apr (w) high | S1 | 18.0000 | ** | congestion | ||
| R3 | 18.7250 | * | congestion | S2 | 17.7150 | ** | 76.4% ret of 2024-2025 rally | |
| R2 | 18.5000 | ** | break level | S3 | 17.6150 | ** | 12 Dec (m) low | |
| R1 | 18.2500 | * | congestion | S4 | 17.5000 | * | congestion |
Asterisk denotes strength of level
12:15 BST - April losses have reached congestion support at 18.0000, where unwinding oversold intraday studies are prompting short-term consolidation. Daily readings have turned down and broader weekly charts continue to track lower, highlighting room for further losses in the coming sessions. A break below 18.0000 will open up the 17.7150 Fibonacci retracement. But already oversold daily stochastics are expected to limit any initial tests in fresh consolidation. Meanwhile, resistance remains at congestion around 18.2500. A close above here, if seen, would help to stabilise price action and prompt consolidation beneath 18.5000.