Published: 2026-06-18T11:53:05.000Z
Chart USD/ZAR Update: Smart bounce
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Cautious trade within the 16.1400 - 16.2500 range has given way to a sharp bounce
| Level | Comment | Level | Comment | |||||
|---|---|---|---|---|---|---|---|---|
| R4 | 16.8000 | ** | congestion | S1 | 16.2500 | * | congestion | |
| R3 | 16.6630 | 8 Jun high | S2 | 16.1400 | ** | 17 Apr (m) low | ||
| R2 | 16.6000 | * | congestion | S3 | 16.0170 | ** | 76.4% ret of Jan-Mar rally | |
| R1 | 16.4000 | congestion | S4 | 16.0000 | ** | congestion |
Asterisk denotes strength of level
12:30 BST - Cautious trade within the 16.1400 - 16.2500 range has given way to a sharp bounce, with prices currently testing levels just above congestion resistance at 16.4000. Bearish daily readings have turned mixed/positive, suggesting room for continuation beyond here towards further congestion around 16.6000. But negative weekly charts should limit any initial tests in range extension beneath here. Meanwhile, support remains down to the 16.1400 monthly low of 17 April. A close beneath here, if seen, will add weight to sentiment and extend late-March losses towards strong support within the 16.0000 - 16.0170 range.