Published: 2026-05-12T11:08:02.000Z
Chart USD/ZAR Update: Limited tests higher
3
Cautious trade has given way to a push higher
| 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
11:35 BST - Cautious trade has given way to a push higher, with prices currently balanced within the 16.5000 - 16.6000 resistance. Oversold daily stochastics are flattening, suggesting room for a test above here. But the bearish daily Tension Indicator and mixed/negative weekly charts should limit scope in renewed selling interest/consolidation beneath congestion resistance at 16.8000. Meanwhile, support remains at the 16.2520 Fibonacci retracement. A later break beneath here will open up the 16.1400 monthly low of 17 April. Further selling will add weight to sentiment and extend late-March losses towards the 16.0000 - 16.0170 range.