USD/ZAR: At risk of deeper down move on a dip below 18.10 – SocGen

FXStreet Insights Team FXStreet

Economists at Société Générale analyze USD/ZAR technical outlook.

Short-term bounce towards 19.14 and October high of 19.50/19.64 on the cards

USD/ZAR recently defended low of November near 18.10 and the trend line drawn since April 2022. A gradual rebound has taken shape, but crisscross moves around the flattish 200-DMA denote lack of clear direction.

Short-term bounce towards 19.14 and October high of 19.50/19.64 can’t be ruled out. This is a crucial resistance zone.

In case the pair dips below lower band of recent range at 18.10, there could be risk of a deeper down move.

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FXStreet Insights Team

FXStreet

The FXStreet Insights Team is a group of journalists that handpicks selected market observations published by renowned experts. The content includes notes by commercial as well as additional insights by internal and external analysts.

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