Published: 2025-04-02T10:36:44.000Z
Chart USD/ZAR Update: Limited gains
Senior Technical Strategist
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Choppy trade has given way to the anticipated break above 18.5000
| Level | Comment | Level | Comment | |||||
|---|---|---|---|---|---|---|---|---|
| R4 | 19.2400 | ** | 76.4% ret of 2023-2024 fall | S1 | 18.5000 | ** | break level | |
| R3 | 19.0000 | ** | congestion | S2 | 18.3000 | ** | break level | |
| R2 | 18.8500 | break level | S3 | 18.0465 | ** | 7 Mar (w) low | ||
| R1 | 18.7250 | * | congestion | S4 | 18.0000 | ** | congestion |
Asterisk denotes strength of level
11:20 BST - Choppy trade has given way to the anticipated break above 18.5000, with prices currently trading around 18.6300. Rising intraday studies and the positive daily Tension Indicator highlight room for a test of congestion resistance at 18.7250. But flat overbought daily stochastics and mixed/negative weekly charts are expected to limit any further break in renewed selling interest beneath the 18.8500. Meanwhile, support is raised to 18.5000. A close beneath here, if seen, would turn sentiment neutral once again and prompt consolidation above 18.3000.