- 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
|Today last price||17.3549|
|Today Daily Change||0.0808|
|Today Daily Change %||0.47%|
|Today daily open||17.2741|
|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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