Published: 2025-05-02T12:08:35.000Z
Chart USD/ZAR Update: Extending April losses
Senior Technical Strategist
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Cautious trade has given way to the anticipated break lower
| 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
12:50 BST - Cautious trade has given way to the anticipated break lower, with prices currently trading around 18.3800. Intraday studies are bearish and daily readings are coming under pressure, highlighting room for a test of congestion support at 18.2500. Beneath here is the 18.1400 Fibonacci retracement. But already oversold daily stochastics are expected to limit any initial tests of here in short-covering/consolidation. Meanwhile, resistance is now at 18.5000. A close back above here, if seen, will help to stabilise price action and prompt renewed consolidation beneath 18.7250.