Chart USD/ZAR Update: Leaning lower
Cautious trade around 17.0000 has given way to anticipated selling interest
| Level | Comment | Level | Comment | |||||
|---|---|---|---|---|---|---|---|---|
| R4 | 17.5000 | ** | break level | S1 | 16.8000 | congestion | ||
| R3 | 17.2750 | ** | 38.2% ret of 2025-2026 fall | S2 | 16.6350 | 38.2% ret of Jan-Mar rally | ||
| R2 | 17.2000 | * | congestion highs | S3 | 16.6000 | break level | ||
| R1 | 17.0000 | * | congestion | S4 | 16.5000 | break level |
Asterisk denotes strength of level
12:50 BST - Cautious trade around 17.0000 has given way to anticipated selling interest, as intraday studies remain under pressure, with prices currently pressuring congestion support at 16.8000. Daily readings are tracking lower and weekly stochastics are unwinding overbought areas, suggesting room for further losses in the coming sessions. A break beneath 16.8000 will open up the 16.6350 Fibonacci retracement the 16.6000 break level. But by-then oversold daily stochastics should limit any deeper losses in consolidation above 16.5000. Meanwhile, resistance is at congestion around 17.0000 and extends to 17.2000. This range should cap any immediate tests higher.