Published: 2025-08-13T12:08:19.000Z
Chart USD/ZAR Update: Poised for further losses
Senior Technical Strategist
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Cautious trade has given way to a break lower
| Level | Comment | Level | Comment | |||||
|---|---|---|---|---|---|---|---|---|
| R4 | 18.1525 | ** | 19 Jun (m) high | S1 | 17.5000 | ** | congestion | |
| R3 | 18.0000 | ** | congestion | S2 | 17.4690 | ** | 4 Jul YTD low | |
| R2 | 17.8000 | * | congestion | S3 | 17.2500 | ** | 7 Nov (m) low | |
| R1 | 17.7000 | * | congestion | S4 | 17.0315 | ** | 30 Sep 2024 (y) low |
Asterisk denotes strength of level
12:55 BST - Cautious trade has given way to a break lower, with prices currently pressuring strong support at congestion around 17.5000 and the 17.4690 current year low of 4 July. Intraday studies have ticked down and daily readings continue to fall, highlighting room for a further break beneath here and extension of April losses towards the 17.2500 monthly low of 7 November. Mixed weekly charts could limit any initial tests in consolidation. Meanwhile, resistance is at congestion around 17.7000 and extends to further congestion around 17.8000. This range should cap any immediate tests higher.