Chart USD/ZAR Update: Leaning lower
Consolidation is giving way to a test lower
| Level | Comment | Level | Comment | |||||
|---|---|---|---|---|---|---|---|---|
| R4 | 18.9100~ | 25 Apr (w) high | S1 | 18.1400 | ** | 61.8% ret of 2024-2025 rally | ||
| R3 | 18.7250 | * | congestion | S2 | 18.0000 | ** | congestion | |
| R2 | 18.5000 | ** | break level | S3 | 17.7150 | ** | 76.4% ret of 2024-2025 rally | |
| R1 | 18.2500 | * | congestion | S4 | 17.61.50 | ** | 12 Dec (m) low |
Asterisk denotes strength of level
12:05 BST - Consolidation is giving way to a test lower, with prices currently trading just below support at the 18.1400 Fibonacci retracement. Intraday studies are negative and daily readings are coming under pressure, highlighting room for further losses in the coming sessions. A close beneath here will add weight to sentiment and extend April losses towards congestion around 18.0000. Negative weekly charts see room for continuation to the 17.7150 retracement. But by-then oversold daily stochastics are expected to prompt short-covering/consolidation around here. Meanwhile, resistance is lowered to congestion around 18.2500. A close above here, if seen, would help to stabilise price action and prompt consolidation beneath 18.5000.