USD/ZAR Price Analysis: 100-HMA, weekly resistance line challenge recoveries from three-month low

USD/ZAR bounces off the lowest since March 16.
A short-term key resistance confluence may gain support from bearish MACD to disapprove buyers.
A sub-16.00 area is on the bears’ radars, 200-HMA adds to the upside barriers.

Anil Panchal FXStreet

USD/ZAR carries pullback from 16.34 while taking rounds to 16.50 during Thursday’s Asian session. The quote seems to cheer the U-turn of the RSI line from the oversold region. Though, a confluence of 100-HMA and a descending trend line from June 02 stands tall to disappoint the bulls.

In addition to the 16.72/73 immediate resistance, a 200-HMA level of 16.96 and 17.00 threshold also raise bars for the buyers’ entry.

If at all the quote crosses the 17.00 mark, it can challenge the monthly top near 17.56. However, June 04 high close to 17.10 may act as an intermediate halt during the rise.

Meanwhile, the pair’s fresh downside under the recent low of 16.34 can aim for 16.12 and 16.00 round-figure whereas March 02 high near 15.86 could offer breathing space to the bears afterward.

USD/ZAR hourly chart

Trend: Bearish

additional important levels

Overview
Today last price	16.5218
Today Daily Change	-0.1101
Today Daily Change %	-0.66%
Today daily open	16.6319

Trends
Daily SMA20	17.5667
Daily SMA50	18.1757
Daily SMA100	16.9359
Daily SMA200	15.8031

Levels
Previous Daily High	16.903
Previous Daily Low	16.5899
Previous Weekly High	17.6219
Previous Weekly Low	16.7164
Previous Monthly High	18.9592
Previous Monthly Low	17.2921
Daily Fibonacci 38.2%	16.7095
Daily Fibonacci 61.8%	16.7834
Daily Pivot Point S1	16.5135
Daily Pivot Point S2	16.3952
Daily Pivot Point S3	16.2004
Daily Pivot Point R1	16.8266
Daily Pivot Point R2	17.0214
Daily Pivot Point R3	17.1397

Author

Anil Panchal

FXStreet

Anil Panchal has nearly 15 years of experience in tracking financial markets. With a keen interest in macroeconomics, Anil aptly tracks global news/updates and stays well-informed about the global financial moves and their implications.

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