Published: 2025-10-21T11:20:34.000Z
Chart USD/ZAR Update: Extending consolidation
1
Cautious trade has given way to a fresh test of congestion support at 17.2000
| Level | Comment | Level | Comment | |||||
|---|---|---|---|---|---|---|---|---|
| R4 | 17.8000 | * | congestion | S1 | 17.2000 | * | congestion | |
| R3 | 17.7000 | * | congestion | S2 | 17.0630 | * | 9 Oct YTD low | |
| R2 | 17.5000 | ** | congestion | S3 | 17.0315 | ** | 30 Sep 2024 (y) low | |
| R1 | 17.4000 | * | break level | S4 | 17.0000 | ** | congestion |
Asterisk denotes strength of level
11:55 BST - Cautious trade has given way to a fresh test of congestion support at 17.2000, where unwinding oversold intraday studies are prompting a bounce to 17.2850. Daily readings have turned mixed/negative, highlighting potential for a retest of 17.2000. But rising weekly charts should limit any break in renewed buying interest above critical multi-month support at the 17.0315 year low of 30 September. Meanwhile, resistance remains within 17.4000 - 17.5000. A close above 17.5000 is needed to improve sentiment and extend early-October gains towards further resistance within 17.7000 - 17.8000.