USD/ZAR Price Analysis: Mildly bid above 15.50, not yet out of the woods
|- USD/ZAR probes intraday high, extends early-week pullback from late-February lows.
- Six-week-old falling trend line guards immediate upside, Wednesday’s low offers nearby support.
USD/ZAR prints mild gains of 0.10% while trading near 15.65 amid early Friday. The pair dropped to the lowest since February 26 on Monday, before bouncing off 15.21.
Though, the following pullback fails to overcome the immediate resistance line stretched from October 05, at 15.87, needless to mention the horizontal line including lows marked in September and October around 16.08/10.
It should also be noted that a falling trend line from mid-October and the monthly high, respectively around 16.32 and 16.45, offer extra hurdles to the north of 16.10.
Meanwhile, fresh selling can take clues from the pair’s downside break of Wednesday’s low near 15.50.
Following that, 15.40 and the recent low near 15.20 can stop the bears from targeting the 15.00 threshold.
USD/ZAR four-hour chart
Trend: Bearish
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