Published: 2025-05-09T11:06:39.000Z
Chart USD/ZAR Update: Range extension - studies leaning lower
Senior Technical Strategist
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Still little change
| 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
12:00 BST - Still little change, as prices extend cautious trade within support at the 18.1400 Fibonacci retracement and congestion around 18.2500. Daily readings are mixed/negative and broader weekly charts are negative, highlighting room for further losses in the coming sessions. A close below 18.1400 will add weight to sentiment and extend April losses towards congestion around 18.0000. Beneath here is further congestion around 17.8000. Meanwhile, resistance remains up to 18.5000 and should cap any immediate tests higher.