Chart USD/ZAR Update: Limited tests higher
Cautious trade within support at the 18.1400 Fibonacci retracement and congestion around 18.2500 is giving way to a USD- driven bounce
| Level | Comment | Level | Comment | |||||
|---|---|---|---|---|---|---|---|---|
| R4 | 19.0000 | ** | congestion | S1 | 18.2500 | * | congestion | |
| R3 | 18.9100~ | 25 Apr (w) high | S2 | 18.1400 | ** | 76.4% ret of 2024-2025 rally | ||
| R2 | 18.7250 | * | congestion | S3 | 18.0000 | ** | congestion | |
| R1 | 18.5000 | ** | break level | S4 | 17.8000 | congestion |
Asterisk denotes strength of level
13:30 BST - Cautious trade within support at the 18.1400 Fibonacci retracement and congestion around 18.2500 is giving way to a USD- driven bounce, with prices currently trading around 18.3050. Oversold daily stochastics are unwinding and the negative daily Tension Indicator is flattening, suggesting room for a test of resistance at the 18.5000 break level. But bearish weekly charts are expected to limit any further strength in renewed selling interest beneath congestion around 18.7250. Following corrective trade, fresh losses are looked for. But a close below 18.1400 is needed to turn sentiment negative and extend April losses towards congestion around 18.0000. Beneath here is further congestion around 17.8000.