Chart USD/ZAR Update: Marginal fresh 2025 year low - studies under pressure
Little change, as prices extend consolidation following a dip to a marginal fresh 2025 year low around 17.3060
| Level | Comment | Level | Comment | |||||
|---|---|---|---|---|---|---|---|---|
| R4 | 18.0000 | ** | congestion | S1 | 17.2500 | ** | 7 Nov (m) low | |
| R3 | 17.8000 | * | congestion | S2 | 17.0315 | ** | 30 Sep 2024 (y) low | |
| R2 | 17.7000 | * | congestion | S3 | 17.0000 | ** | congestion | |
| R1 | 17.5000 | ** | congestion | S4 | 16.7370 | ** | July 2023 low |
Asterisk denotes strength of level
12:10 BST - Little change, as prices extend consolidation following a dip to a marginal fresh 2025 year low around 17.3060. Daily readings are under pressure and broader weekly studies are turning down, highlighting a deterioration in sentiment and room for further losses in the coming sessions. A break below 17.3060 will extend April losses towards the 17.2500 monthly low of 7 November. Further losses will open up critical support at the 17.0315 year low of 30 September. However, already oversold daily stochastics could limit any initial tests in consolidation. Meanwhile, resistance remains up to congestion around 17.5000. A close above here, if seen, will help to stabilise price action and prompt consolidation beneath further congestion within 17.7000-17.8000.