USD/ZAR Price Analysis: Again reverses from 50-day EMA, 38.2% Fibonacci retracement

USD/ZAR eases from the weekly high of 17.49.
June 15 top may offer immediate support ahead of 100-day EMA.
May 29 top, 50% Fibonacci retracement could lure the bulls beyond 17.51.

Anil Panchal FXStreet

USD/ZAR marks another U-turn from key resistance around 17.50 as it declines to 17.41 during the early Asian session on Thursday. In doing so, the quote slips from one-week high. The pair’s repeated failures to cross 38.2% Fibonacci retracement of its April-June downside joins the inability to provide a daily close beyond 50-day EMA to keep the bears hopeful.

As a result, the USD/ZAR prices are currently declining towards June 15 high surrounding 17.35. Though, a 100-day EMA level of 17.11 might restrict the pair’s further weakness.

If at all, the quote closes below the key EMA, 16.90 and 16.67 may lure the sellers before diverting them to the monthly low of 16.52.

Meanwhile, an upside clearance of 17.51 can quickly propel the pair towards May 29 peak near 17.67 and then to 50% Fibonacci retracement level, at 17.85.

During the quote’s further rise past-17.85, April 13 low near 18.00 will be the bulls’ favorite.

USD/ZAR daily chart

Trend: Pullback expected

Additional important levels

Overview
Today last price	17.409
Today Daily Change	51 pips
Today Daily Change %	0.03%
Today daily open	17.4039

Trends
Daily SMA20	17.1324
Daily SMA50	17.9158
Daily SMA100	17.2161
Daily SMA200	15.9394

Levels
Previous Daily High	17.4312
Previous Daily Low	17.143
Previous Weekly High	17.5104
Previous Weekly Low	16.8922
Previous Monthly High	18.9592
Previous Monthly Low	17.2921
Daily Fibonacci 38.2%	17.3211
Daily Fibonacci 61.8%	17.2531
Daily Pivot Point S1	17.2208
Daily Pivot Point S2	17.0378
Daily Pivot Point S3	16.9326
Daily Pivot Point R1	17.5091
Daily Pivot Point R2	17.6143
Daily Pivot Point R3	17.7973

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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