USD/ZAR Price Analysis: Bounces off 10-week-old horizontal support but bulls stay cautious

USD/ZAR struggles to keep bounce off short-term key support line.
Bullish MACD backs rebound towards four-month-long horizontal hurdle.
100-day SMA adds to the upside filters, 14.00 threshold offers extra support.

Anil Panchal FXStreet

USD/ZAR remains sidelined around 14.20-25, trimming the previous day’s losses with a 0.07% intraday run-up, amid Tuesday’s Asian session.

The quote took a U-turn from 100-day SMA the previous day before recently bouncing off a horizontal line from mid-April.

Although the bullish MACD signals back the latest recovery, multiple levels marked since February offer strong immediate resistance to USD/ZAR, around 14.40, ahead of directing the bulls to 100-day SMA close to 14.45.

During the pair’s recovery past 14.45, May’s high near 14.55 will be important to watch.

On the flip side, a daily closing below 14.14 horizontal support may aim for the six-week low near 13.95 prior to highlighting the 13.80-78 region for the USD/ZAR bears.

In a case where the pair sellers dominate below 13.78, the yearly low of around 13.40 will be in focus.

Overall, USD/ZAR remains range-bound during the recovery mode.

USD/ZAR daily chart

Trend: Sideways

Additional important levels

Overview
Today last price	14.2404
Today Daily Change	0.0066
Today Daily Change %	0.05%
Today daily open	14.2338

Trends
Daily SMA20	13.7839
Daily SMA50	14.0422
Daily SMA100	14.4347
Daily SMA200	15.0324

Levels
Previous Daily High	14.4034
Previous Daily Low	14.2098
Previous Weekly High	14.3765
Previous Weekly Low	13.682
Previous Monthly High	14.5456
Previous Monthly Low	13.677
Daily Fibonacci 38.2%	14.2837
Daily Fibonacci 61.8%	14.3294
Daily Pivot Point S1	14.1612
Daily Pivot Point S2	14.0887
Daily Pivot Point S3	13.9676
Daily Pivot Point R1	14.3549
Daily Pivot Point R2	14.476
Daily Pivot Point R3	14.5486

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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