Published: 2025-04-22T13:20:39.000Z
Chart USD/ZAR Update: Extending April losses
Senior Technical Strategist
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Cautious trade has given way to anticipated losses
| Level | Comment | Level | Comment | |||||
|---|---|---|---|---|---|---|---|---|
| R4 | 19.5000 | congestion | S1 | 18.5000 | ** | break level | ||
| R3 | 19.2500 | break level | S2 | 18.4800 | ** | 61.8% ret of 2024-2025 rally | ||
| R2 | 19.0000 | ** | congestion | S3 | 18.2500 | * | congestion | |
| R1 | 18.7250 | * | congestion | S4 | 18.1400 | ** | 76.4% ret of 2024-2025 rally |
Asterisk denotes strength of level
14:00 BST - Cautious trade has given way to anticipated losses, with the break below 18.7250 adding weight to sentiment and opening up support at the 18.4800 Fibonacci retracement and the 18.5000 break level. Flat oversold daily stochastics could limit any initial tests in consolidation, before bearish weekly charts prompt a break and extend April losses towards congestion around 18.2500. Meanwhile, a close back above congestion resistance at 18.7250, if seen, will help to stabilise price action and prompt consolidation beneath congestion around 19.0000.