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Published: 2025-09-05T11:52:15.000Z

Chart USD/ZAR Update: Back in range

byMike Macdonald

Senior Technical Strategist
-

The anticipated test of congestion resistance at 17.8000 has been pushed back

 Level Comment  Level Comment
R4 18.1525**19 Jun (m) high S1 17.5000**congestion
R3 18.0000**congestion S2 17.4060**25 Aug YTD low
R2 17.8000*congestion S3 17.2500**7 Nov (m) low
R1 17.7000*congestion S4 17.0315**30 Sep 2024 (y) low

Asterisk denotes strength of level

12:10 BST - The anticipated test of congestion resistance at 17.8000 has been pushed back, as intraday studies turn down, with prices currently trading just below congestion resistance at 17.7000. Overbought daily stochastics are flattening, suggesting a cautious tone and room for a deeper pullback. But the rising daily Tension Indicator and mixed weekly charts are expected to limit initial scope in renewed consolidation above congestion support at 17.5000. A close below critical support at the 17.4060 current year low would add weight to sentiment and extend April losses towards the 17.0315 year low of 30 September 2024.

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Topics
USD/ZAR-TA
Technical Analysis
EEMEA-Technical

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