Published: 2025-06-30T11:18:34.000Z
Chart USD/ZAR Update: Consolidating - studies under pressure

Senior Technical Strategist
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Anticipated minor tests higher have not been seen, as negative intraday studies keep near-term sentiment under pressure
Level | Comment | Level | Comment | |||||
---|---|---|---|---|---|---|---|---|
R4 | 18.2500 | * | congestion | S1 | 17.7150 | ** | 76.4% ret of 2024-2025 rally | |
R3 | 18.1000 | * | break level | S2 | 17.6150 | ** | 12 Dec (m) low | |
R2 | 18.0000 | ** | congestion | S3 | 17.5000 | * | congestion | |
R1 | 17.8500 | break level | S4 | 17.2500 | * | congestion |
Asterisk denotes strength of level
11:55 BST - Anticipated minor tests higher have not been seen, as negative intraday studies keep near-term sentiment under pressure and post a break back below 17.8500. Prices are currently balanced above support at the 17.7150 Fibonacci retracement. But mixed/negative daily readings and deteriorating weekly charts are expected to add weight to sentiment and prompt further losses. A later break below the 17.6150 monthly low of 12 December will turn sentiment negative and extend losses from the 19.9250 current year high of 9 April, initially to congestion around 17.5000. Meanwhile, a close back above 17.8500 would help to stabilise price action and prompt consolidation beneath 18.0000-18.1000.