USD/ZAR Price Analysis: Clings to 100-day SMA between key trendlines

USD/ZAR registers multiple bounces off 100-day SMA but stays below the support-turned-resistance trend line.
An ascending trend line from January 01, 2020, offers additional support.
The upside break of the immediate resistance line can aim for late-March low.

Anil Panchal FXStreet

USD/ZAR takes rounds to 16.91 amid the Asian session on Friday. The pair’s recent moves have been confined between the 100-day SMA and a support-turned-resistance line stretched from April 30.

Even so, the bearish MACD signals increase the odds of the pair’s further downside past-100-day SMA. As a result, traders are looking towards the yearly support line, at 16.69 now, as a target past-16.89 immediate support.

If at all the USD/ZAR prices stay weak below 16.6, 50% Fibonacci retracement of January-April upside, near 16.62, could challenge the sellers.

On the upside, the pair’s break of the support-turned-resistance line, currently around 17.05, could escalate the pair’s recovery moves towards the late-March lows near 17.20. However, the May 29 top near 17.67 might restrict the pair’s further advances.

USD/ZAR daily chart

Trend: Sideways

Additional important levels

Overview
Today last price	16.9138
Today Daily Change	48 pips
Today Daily Change %	0.03%
Today daily open	16.909

Trends
Daily SMA20	17.8207
Daily SMA50	18.2406
Daily SMA100	16.8691
Daily SMA200	15.78

Levels
Previous Daily High	17.0782
Previous Daily Low	16.8342
Previous Weekly High	17.7327
Previous Weekly Low	17.2921
Previous Monthly High	18.9592
Previous Monthly Low	17.2921
Daily Fibonacci 38.2%	16.9274
Daily Fibonacci 61.8%	16.985
Daily Pivot Point S1	16.8027
Daily Pivot Point S2	16.6964
Daily Pivot Point S3	16.5587
Daily Pivot Point R1	17.0468
Daily Pivot Point R2	17.1845
Daily Pivot Point R3	17.2908

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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