USD/ZAR Price Analysis: Buyers encroaching key resistances above 17.00


  • USD/ZAR struggles to keep the three-day winning streak.
  • 200-bar SMA, monthly resistance line challenge the pair’s further upside.
  • A two-week-old ascending trend line restricts immediate declines.

USD/ZAR seesaws around 17.35 during Wednesday’s Asian session. The quote rose for the consecutive three-day to Tuesday. Though, key upside barriers question the pair’s additional north-run.

Even so, normal RSI conditions and an upward-sloping support line from June 16 portrays the bulls’ hold on the momentum.

As a result, the USD/ZAR traders will keep eyes on the upside break of 17.43 for extending the recent run-up towards 50% Fibonacci retracement of May-June fall, around 17.55.

In a case where the buyers remain dominant past-17.55, May 29 high of 17.67 and 61.8% of Fibonacci retracement at 17.83 might entertain the optimists ahead of 18.00 round-figure.

On the contrary, the pair’s pullback moves might aim to conquer the immediate support line, at 17.16 now, ahead of targeting a move towards 17.00 threshold and June 09 high near 16.90.

If at all the sellers keep the helm below 16.90, the previous month’s low of 16.34 will pop-up on their radars.

USD/ZAR four-hour chart

Trend: Pullback expected

Additional important levels

Overview
Today last price 17.3549
Today Daily Change 0.0808
Today Daily Change % 0.47%
Today daily open 17.2741
 
Trends
Daily SMA20 17.0967
Daily SMA50 17.8189
Daily SMA100 17.2835
Daily SMA200 15.9747
 
Levels
Previous Daily High 17.3525
Previous Daily Low 17.1454
Previous Weekly High 17.5322
Previous Weekly Low 17.0913
Previous Monthly High 18.9592
Previous Monthly Low 17.2921
Daily Fibonacci 38.2% 17.2734
Daily Fibonacci 61.8% 17.2245
Daily Pivot Point S1 17.1622
Daily Pivot Point S2 17.0502
Daily Pivot Point S3 16.9551
Daily Pivot Point R1 17.3692
Daily Pivot Point R2 17.4644
Daily Pivot Point R3 17.5763

 

 

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