USD/ZAR Price Analysis: 100-bar SMA probes break of monthly resistance line above 17.00


  • USD/ZAR takes the bids near the highest in over a week.
  • Bullish MACD, strong U-turn from three-month low favor buyers.
  • Sellers may await fresh monthly low before entering any positions.

USD/ZAR remains on the bids around 17.23 during the early Friday morning in Asia. The quote did bounce from mid-March lows the previous day while also visiting the highest levels since June 02.

Even so, 100-bar SMA around 17.25 seems to restrict the pair’s immediate upside amid bullish MACD. Also adding to the upside barrier could be May 28 low close to 17.30.

In a case where the USD/ZAR prices can rise past-17.30, May 29 top surrounding 17.67 and 200-bar SMA level of 17.84 could lure the optimists.

Alternatively, the pair’s downside below the resistance-turned-support, currently around 16.75, will have to refresh the monthly low of 16.34 before recalling the bears.

In doing so, 16.00 round-figure and the early-March high adjacent to 15.85 should be given proper justice as supports.

USD/ZAR four-hour chart

Trend: Further recovery expected

Additional important levels

Overview
Today last price 17.1982
Today Daily Change 0.6760
Today Daily Change % 4.09%
Today daily open 16.5222
 
Trends
Daily SMA20 17.4679
Daily SMA50 18.1415
Daily SMA100 16.9579
Daily SMA200 15.8117
 
Levels
Previous Daily High 16.6783
Previous Daily Low 16.3363
Previous Weekly High 17.6219
Previous Weekly Low 16.7164
Previous Monthly High 18.9592
Previous Monthly Low 17.2921
Daily Fibonacci 38.2% 16.467
Daily Fibonacci 61.8% 16.5477
Daily Pivot Point S1 16.3462
Daily Pivot Point S2 16.1703
Daily Pivot Point S3 16.0042
Daily Pivot Point R1 16.6882
Daily Pivot Point R2 16.8542
Daily Pivot Point R3 17.0302

 

 

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