Published: 2025-06-11T12:16:08.000Z
Chart USD/ZAR Update: Limited tests higher
Senior Technical Strategist
-
Still little change, as prices extend consolidation around strong support at the 17.7150 Fibonacci retracement
| Level | Comment | Level | Comment | |||||
|---|---|---|---|---|---|---|---|---|
| R4 | 18.2500 | * | congestion | S1 | 17.7150 | ** | 76.4% ret of 2024-2025 rally | |
| R3 | 18.1000 | * | break level | S2 | 17.6150 | ** | 12 Dec (m) low | |
| R2 | 18.0000 | ** | congestion | S3 | 17.5000 | * | congestion | |
| R1 | 17.8500 | break level | S4 | 17.2500 | ** | 7 Nov (m) low |
Asterisk denotes strength of level
12:45 BST - Still little change, as prices extend consolidation around strong support at the 17.7150 Fibonacci retracement. Intraday studies have turned higher and bearish daily readings are flattening, suggesting potential for a minor test higher towards resistance at 17.8500. Negative weekly charts, however, are expected to limit any break above here in renewed selling interest beneath 18.0000 - 18.1000. Following corrective trade, fresh losses are looked for. A later close below 17.7150 will add weight to sentiment and extend April losses towards the 17.6150 monthly low of 12 December.