Published: 2025-03-31T11:56:29.000Z
Chart USD/ZAR Update: Further gains to remain limited
Senior Technical Strategist
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Cautious trade has given way to a break above 18.3000
| Level | Comment | Level | Comment | |||||
|---|---|---|---|---|---|---|---|---|
| R4 | 19.0000 | ** | congestion | S1 | 18.3000 | ** | break level | |
| R3 | 18.8500 | break level | S2 | 18.0465 | ** | 7 Mar (w) low | ||
| R2 | 18.7250 | * | congestion | S3 | 18.0000 | ** | congestion | |
| R1 | 18.5000 | ** | break level | S4 | 17.8700 | ** | 61.8% ret of Sep-Jan rally |
Asterisk denotes strength of level
12:45 BST - Cautious trade has given way to a break above 18.3000, with prices currently trading around 18.3650 as intraday studies turn mixed. The daily Tension Indicator is rising, suggesting potential for a test of resistance at the 18.5000 break level. But unwinding overbought daily stochastics and mixed weekly charts should limit any immediate tests above here in renewed selling interest beneath congestion around 18.7250. Meanwhile, a close back below 18.3000 should give way to consolidation above support at congestion around 18.0000 and the 18.0465 weekly low of 7 March.