Published: 2025-03-21T11:28:17.000Z
Chart USD/ZAR Update: Further consolidation - potential for a minor test higher
Senior Technical Strategist
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Still little change
| 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
11:15 GMT - Still little change, as prices extend cautious trade beneath resistance at the 18.3000 break level. Intraday studies have turned higher and bearish daily readings are also turning up, suggesting potential for a test of here in the coming sessions. A break, if seen, will open up 18.5000. But negative weekly charts are expected to limit any tests of here in renewed selling interest. Following corrective trade, fresh losses are looked for. A later close below support at congestion around 18.0000 and the 18.0465 monthly low of 7 March will add weight to sentiment and extend January losses towards the 17.8700 Fibonacci retracement.