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.

Anil Panchal FXStreet

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

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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