Published: 2025-04-17T10:59:42.000Z
Chart USD/ZAR Update: Consolidating - room for a minor test lower
Senior Technical Strategist
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Little change, as mixed intraday studies keep near-term sentiment cautious
| Level | Comment | Level | Comment | |||||
|---|---|---|---|---|---|---|---|---|
| R4 | 19.9185 | ** | May 2023 (y) high | S1 | 18.7250 | * | congestion | |
| R3 | 19.5000 | congestion | S2 | 18.5000 | ** | break level | ||
| R2 | 19.2500 | break level | S3 | 18.2500 | * | congestion | ||
| R1 | 19.0000 | ** | congestion | S4 | 18.0000 | ** | cong, 18 Mar YTD low |
Asterisk denotes strength of level
11:45 BST - Little change, as mixed intraday studies keep near-term sentiment cautious and extend consolidation above congestion support at 18.7250. Daily readings continue to point lower, highlighting potential for a test beneath here. But already oversold daily stochastics and rising weekly charts are expected to limit any break in renewed buying interest/consolidation towards 18.5000. Meanwhile, a close above congestion resistance at 19.0000, if seen, would help to stabilise price action and prompt consolidation beneath the 19.2500 break level.