Published: 2025-09-02T11:06:04.000Z
Chart USD/ZAR Update: Higher in range
Senior Technical Strategist
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Consolidation above congestion support at 17.5000 has given way to a fresh test higher
| Level | Comment | Level | Comment | |||||
|---|---|---|---|---|---|---|---|---|
| R4 | 18.1525 | ** | 19 Jun (m) high | S1 | 17.5000 | ** | congestion | |
| R3 | 18.0000 | ** | congestion | S2 | 17.4060 | ** | 25 Aug YTD low | |
| R2 | 17.8000 | * | congestion | S3 | 17.2500 | ** | 7 Nov (m) low | |
| R1 | 17.7000 | * | congestion | S4 | 17.0315 | ** | 30 Sep 2024 (y) low |
Asterisk denotes strength of level
11:55 BST - Consolidation above congestion support at 17.5000 has given way to a fresh test higher, with prices once again trading within congestion resistance at 17.7000-17.8000. Daily readings have turned mixed, suggesting a cautious tone and room for fresh range trade within here. Negative weekly stochastics have turned higher, however, suggesting room for a later break higher. But the flat weekly Tension Indicator and mixed/negative longer-term charts should limit scope in fresh selling interest towards congestion around 18.0000. Meanwhile, support at 17.5000 should underpin any immediate setbacks.