USD/ZAR Price Analysis: Further downside hinges on $15.65 break
|- USD/ZAR snaps three-day downtrend, sidelined around late November lows.
- Bearish MACD, 20-DMA break favor sellers to brace for a bumpy road.
USD/ZAR struggles to keep the corrective pullback from a three-week low of around $15.72 during early Thursday morning in Europe.
The South African currency (ZAR) pair refreshed multi-day low the previous day on breaking the 20-DMA. However, an ascending support line from October 20, around $15.65, challenges the bears of late.
Even so, bearish MACD signals hint at the USD/ZAR downside towards five-week-old horizontal support near $15.50.
In a case where the pair sellers dominate past $15.50, the 50-DMA level of $15.30 is in focus.
Alternatively, an upside clearance of the 20-DMA level of $15.80 will direct the USD/ZAR prices towards a short-term resistance line near the $16.00 threshold.
Any further upside past $16.00 will propel the quote to the November highs near $16.36.
USD/ZAR: Daily chart
Trend: Further declines expected
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