USD/ZAR: Break above 18.50 to open up 2020 high of 19.20/19.35 – SocGen
|The USD/ZAR pair formed an intermittent high near 18.50 recently. A break above the latter could clear the way towards the 19.20/35 area, in the view of economists at Société Générale.
The 17.55/17.30 area should be an important support zone
“The 50-Day Moving Average (DMA) near 17.55/17.30 should be an important support zone. Defending this can lead to the next leg of up move.”
“A cross above 18.50 can take the pair towards 18.80 and perhaps even towards 2020 high of 19.20/19.35.”
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.