Published: 2025-07-23T12:02:24.000Z
Chart USD/ZAR Update: Room for lower in the coming sessions
Senior Technical Strategist
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Anticipated losses have reached congestion support at 17.5000
| Level | Comment | Level | Comment | |||||
|---|---|---|---|---|---|---|---|---|
| R4 | 18.0000 | ** | congestion | S1 | 17.5000 | ** | congestion | |
| R3 | 17.8000 | * | congestion | S2 | 17.2500 | ** | 7 Nov (m) low | |
| R2 | 17.7000 | * | congestion | S3 | 17.0315 | ** | 30 Sep 2024 (y) low | |
| R1 | 17.6000 | * | congestion | S4 | 17.0000 | * | congestion |
Asterisk denotes strength of level
12:50 BST - Anticipated losses have reached congestion support at 17.5000, where unwinding oversold intraday studies are prompting short-term reactions. Daily stochastics and the daily Tension Indicator continue to track lower, highlighting room for a later break. April losses will then post fresh year lows, as focus turns to the 17.2500 monthly low of 7 November. But rising weekly stochastics could limit any initial tests in consolidation. Meanwhile, resistance is lowered to congestion around 17.6000. A close above here, if seen, will help to stabilise price action and prompt consolidation around further congestion within 17.7000-17.8000.