Published: 2025-06-23T11:30:27.000Z
Chart USD/ZAR Update: Edging higher
Senior Technical Strategist
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Cautious trade is giving way to a test higher
| Level | Comment | Level | Comment | |||||
|---|---|---|---|---|---|---|---|---|
| R4 | 18.5230 | ** | 38.2% ret of Apr-Jun fall | S1 | 18.0000 | ** | congestion | |
| R3 | 18.5000 | * | congestion | S2 | 17.8500 | break level | ||
| R2 | 18.2500 | * | congestion | S3 | 17.7150 | ** | 76.4% ret of 2024-2025 rally | |
| R1 | 18.1000 | * | break level | S4 | 17.6150 | ** | 12 Dec (m) low |
Asterisk denotes strength of level
12:05 BST - Cautious trade is giving way to a test higher, as intraday studies improve, with prices currently testing levels just above resistance at 18.1000. Daily readings are positive and broader weekly charts have turned mixed/positive, highlighting a more constructive tone and room for further strength in the coming sessions. A close above here will open up congestion around 18.2500. But already overbought daily stochastics could limit any initial tests in consolidation, before prices continue higher. Meanwhile, a close below congestion around 18.0000 would turn senitment neutral and prompt consolidation above support at 17.8500.