USD/ZAR Price Analysis: $15.45 to limit further losses amid oversold RSI


  • USD/ZAR breaks three-week-old support line, extends pullback from yearly peak.
  • Bears eye six-week-long ascending trend line joins monthly horizontal area.
  • 200-SMA, oversold RSI conditions to challenge further downside.

USD/ZAR take offers around $15.80, down 0.62% intraday during early European morning on Wednesday.

The South African currency (ZAR) pair has been on the back foot after refreshing the yearly top on Friday. That said, the quote recently broke an ascending support line from November 09, suggesting further weakness.

However, a convergence of a bit broader rising trend line and the horizontal area comprising multiple levels marked from early November limit the pair’s declines around $15.45-50 amid oversold RSI conditions. Also acting as a downside filter is the 200-SMA level of $15.30.

Meanwhile, corrective pullback remains elusive below the stated support-turned-resistance line near $15.85, a break of which will aim to regain the $16.00 threshold.

During the quote’s upside past $16.00, USD/ZAR buyers aim for $16.25 before challenging the 2021 peak of $16.36.

USD/ZAR: Four-hour chart

Trend: Further weakness expected

Additional important levels

Overview
Today last price 15.8026
Today Daily Change -0.1009
Today Daily Change % -0.63%
Today daily open 15.9035
 
Trends
Daily SMA20 15.556
Daily SMA50 15.1777
Daily SMA100 14.9067
Daily SMA200 14.6378
 
Levels
Previous Daily High 16.25
Previous Daily Low 15.8834
Previous Weekly High 16.3684
Previous Weekly Low 15.6897
Previous Monthly High 16.3684
Previous Monthly Low 14.8632
Daily Fibonacci 38.2% 16.0234
Daily Fibonacci 61.8% 16.1099
Daily Pivot Point S1 15.7746
Daily Pivot Point S2 15.6456
Daily Pivot Point S3 15.4079
Daily Pivot Point R1 16.1412
Daily Pivot Point R2 16.3789
Daily Pivot Point R3 16.5079

 

 

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