Chart USD/ZAR Update: Gains to remain limited
Little change, as mixed intraday studies keep near-term sentiment cautious
| Level | Comment | Level | Comment | |||||
|---|---|---|---|---|---|---|---|---|
| R4 | 19.0000 | ** | congestion | S1 | 18.2500 | * | congestion | |
| R3 | 18.9100~ | 25 Apr (w) high | S2 | 18.1400 | ** | 76.4% ret of 2024-2025 rally | ||
| R2 | 18.7250 | * | congestion | S3 | 18.0000 | ** | congestion | |
| R1 | 18.5000 | ** | break level | S4 | 17.8000 | congestion |
Asterisk denotes strength of level
11:35 BST - Little change, as mixed intraday studies keep near-term sentiment cautious and prompt consolidation above support at the 18.1400 Fibonacci retracement and congestion around 18.2500. Oversold daily stochastics are unwinding and the daily Tension Indicator is also turning positive, suggesting room for a test of resistance at the 18.5000 break level. But bearish weekly charts are expected to limit any further strength in renewed selling interest beneath congestion around 18.7250. Following corrective trade, fresh losses are looked for. But a close below 18.1400 is needed to turn sentiment negative and extend April losses towards congestion around 18.0000. Beneath here is further congestion around 17.8000.