Published: 2025-09-04T11:31:19.000Z
Chart USD/ZAR Update: Pushing higher
Senior Technical Strategist
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Consolidation is giving way to a fresh run 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 is giving way to a fresh run higher, with prices currently pressuring congestion resistance within 17.7000-17.8000. Daily readings have ticked higher and broader weekly charts are showing signs of improvement, suggesting room for further strength in the coming sessions. A break above 17.8000 will improve sentiment and open up further congestion around 18.0000. However, already overbought daily stochastics could limit any initial tests in consolidation. Meanwhile, support remains down to congestiona round 17.5000 and should underpin any immediate setbacks.